 The negative rating outlook reflects Kirbys sustained high financial leverage and Moodys expectation of challenged end market fundamentals to weaken earnings and negatively impact credit metrics, likely into 2021. Kirbys core marine transportation business, while primarily on contracts, is also facing pressure amid the broad economic deterioration accelerated by the coronavirus, whose timing and ultimate effects remain uncertain. The Baa3 senior unsecured rating reflects Kirbys exposure to cyclical markets facing weak macro conditions with credit metrics to deteriorate likely into 2021 from what were relatively low margins and high leverage entering the recession. 