'A-2' short term corporate credit rating to stable from positive.
"The outlook revision reflects our belief that the slowing US economy and ongoing investment requirements will likely preclude a rating upgrade over the near term," S&P said.
S&P said it also affirmed the ratings on the company.
The ratings on FedEx reflect the company's strong competitive position in the air express market, a strengthened and expanding presence in ground and trucking transportation, moderate financial policies and good cash-generating capability.
S&P expects the company to continue to generate solid earnings and cash flow, with management expected to maintain a moderate financial profile. As a result, an outlook change to negative is also unlikely in the absence of a large debt-financed acquisition, S&P said.
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