“We now expect our reported full year operating ratio to be around 60%.”

In context

“e received an upgrade from Moody's to A3, and we are now A-rated across all 3 credit agencies. Also during the quarter, we issued $1.9 billion in debt, which included $600 million of green bonds, our first such issuance. Wrapping up on Slide 20. With a little over two months left in the year, we are focused on building upon the positive momentum of the third quarter. The operating team is executing on its plan to improve operating performance and capture additional unmet customer demand. As you heard from Kenny, however, markets are softening a bit, and that is resulting in a slight reduction in our overall volume expectations, now more in the range of 3% growth for full year 2022. With more clarity on the impact from the new labor agreements, our operating ratio outlook also has changed. We now expect our reported full year operating ratio to be around 60%. As we close out 2022, attention is quickly turning to 2023. While we are not yet ready to share our outlook, it is important to reiterate our long-term view. Our focus on generating strong cash returns and improving ROIC remains unchanged, and we are firmly committed to achieving the goals established at our May 2021 Investor Day of a 55% operating ratio and incremental margins in the mid- to upper 60s. Since establishing those targets and even achieving them in a few quarters, the environment has changed with higher inflation and a weaker economic outlook. The road to achieving those milestones now is a bit longer, but our road map to success is still the same, supported by our great employees and the foundation of UP's strong and diverse franchise, we will leverage volume, pricing and p”