Canada rail stoppage could cost C$341 million per day, Moody's says

OTTAWA (Reuters) - Canada's rail stoppage could cost over C$341 million per day, ratings agency Moody's said on Wednesday, hours before two major local freight rail operators were expected to lockout workers if a deal with the Teamsters union is not reached.

"Canada is approaching an economic precipice and time is dwindling," the ratings agency said in a note.

Completely shutting down 75% of Canada's freight rail traffic would cost the economy up to C$341 million ($251 million) per day, a rate equal to more than 4% of the nation's GDP, it added.

($1 = 1.3586 Canadian dollars)

(Reporting by David Ljunggren and Promit Mukherjee; Editing by Chris Reese)