...NEW YORK (S&P Global Ratings) Dec. 14, 2018--S&P Global Ratings today said that its ratings on XPO Logistics Inc. (##/Stable/--) are not immediately affected by the company's announcement of a new $1 billion share repurchase program. We expect XPO to fund the repurchases with a combination of cash on hand and incremental borrowings under its asset-based lending (ABL) revolving credit facility. Our base-case scenario already anticipates some share repurchases and we do not expect that any of the incremental debt issued to fund the program will have a material affect on the company's credit metrics at this time. However, we will continue to monitor our ratings once we receive further details on XPO's financing plans. We could lower our ratings on XPO if the company's credit metrics decline such that its debt to EBITDA increases above 4x and its funds from operations (FFO) to debt falls below 20% on a sustained basis. As of Sept. 30, 2018, the company's S&P adjusted debt-to-EBITDA metric was...
