XPO Logistics Inc. is acquiring New Breed Holding Co. for $615 million and is issuing $500 million in senior unsecured notes to help fund the acquisition. We are assigning a 'B' corporate credit rating to XPO and a 'B-' issue rating and '5' recovery rating to the notes. The stable outlook reflects our expectation that XPO's operating performance will improve over the coming year as it integrates recent acquisitions but that the improvement will be tempered by the company's continued aggressive growth strategy and that this will likely preclude an upgrade of ratings. On Aug. 12, 2014, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to Greenwich, Conn.-based XPO Logistics Inc. The outlook is stable. We also
