XPO Logistics' credit metrics have improved over the past year due to increased earnings and positive cash flow generation. The improvement stems from synergies from recent acquisitions and operating efficiency initiatives. As a result, we are raising our corporate credit rating on XPO to 'B+' from 'B'. We are also revising our outlook to positive from stable. At the same time, we are raising by one notch our issue-level ratings on XPO's senior secured term loan facility, senior unsecured notes, and senior unsecured debentures. The positive outlook reflects our expectation that credit metrics will continue to improve due to the prior year's acquisition contributions, cost savings from operating efficiency initiatives, and positive business dynamics across its core business segments, which
