C.H. Robinson (NASDAQ: CHRW) has had its credit rating downgraded for the first time in at least six years, but its latest rating of BBB, down from BBB+, does keep the 3PL as an investment-grade credit rating. The downgrade comes just slightly less than one year after S&P reduced the outlook on C.H. Robinson o negative from stable while affirming its BBB+ rating. A move to a negative outlook usually ends either with a downgrade (possibly many months later, as in the case of C.H. Robinson) or a reinstatement of a company to a stable outlook.  The ratings of the various agencies are an expression of its view on the capability of the debt issuer to ultimately repay its debt. window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); googletag.cmd.push(function() { googletag.display('div-gpt-ad-1709668545404-0'); }); S&P Global's website on C.H. Robinson's debt ratings show the 3PL first garnered a BBB+ rating in 2018.  The S&P Global Ratings move on C.H. Robinson debt did come with the stable outlook being reinstated.  The irony in the move is that it comes just a few weeks after a first quarter earnings report that by several metrics showed the start of a turnaround at C.H. Robinson on the back of operational steps it has taken. But not as a result of an improving freight market which remains a tantalizing prospect, not a reality. Investors reacted to that report by driving up the price of C.H. Robinson, an action that may have involved the covering of short positions as C.H. Robinson was reported to be one of the most heavily shorted stocks on Wall Street. SeekingAlpha is reporting $CHRW remained one of the most heavily shorted stocks on Wall Street at end of April, with more than 7% of the company's float having been shorted. And then the earnings came out May 1. Can't imagine what that short percentage will be at the end of May. pic.twitter.com/9vSZcFTN5G — John Kingston (@JohnHKingston) May 13, 2024 However, it was a different set of metrics that led S&P Global to make its move on C.H. Robinson.