...- XPO Logistics Inc. intends to issue $750 million in senior unsecured notes to supplement its liquidity as the COVID-19 pandemic unfolds. - We are assigning our '##-' issue rating and '5' recovery rating (10%-30% expected recovery in the event of a default; rounded estimate: 10%) to the proposed senior unsecured notes. - While our '##-' issue rating and '5' recovery rating on the company's existing senior unsecured notes are unchanged, we have lowered our rounded estimate to 10% from 20% due to additional secured debt related to the company's new secured bank and letter of credit facility. - All other ratings, including or '##' issuer credit rating, are unchanged. - At the same time, we have also removed our ratings from CreditWatch where we had placed them with developing implications on Jan. 16, 2020. We no longer expect the company to pursue strategic alternatives for some of its business units in the near term. - The stable outlook reflects our expectation that although the company's...
