XPO Inc. used proceeds from its RXO Inc. spin-off to repurchase $408 million of unsecured notes bringing the total debt reduction in 2022 to over $1 billion. We expect the company's S&P Global Ratings-adjusted funds from operations (FFO) to debt will be in the low-30% area in 2023 and the high-30% area in 2024. The company also announced on Dec. 2, 2022, its intention to delay the sale of the final business outside of its North American less-than-truckload business in XET, citing challenging European capital markets. We therefore raised our issuer credit rating on XPO to 'BB+' from 'BB' and removed the ratings from CreditWatch, where we placed them with positive implications on June 22, 2022. Additionally, we affirmed our