XPO Logistics Inc. $500 Million Senior Secured Term Loan Add-On Rated 'BBB-'; Senior Unsecured Rating Lowered To 'BB-'

NEW YORK (S&P Global Ratings) March 8, 2019--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '1' recovery rating to XPO Logistics Inc.'s proposed $500 million add-on to its senior secured term loan. The '1' recovery rating reflects our expectation for very high recovery (90%-100%; rounded estimate: 95%) in the event of a payment default. Due to the additional secured debt, we also lowered our issue-level rating on the company's senior unsecured debt to 'BB-' from 'BB' and revised the recovery rating to '5' from '4'. The '5' recovery rating reflects our expectation for modest recovery (10%-30%; rounded estimate: 20%) in the event of a payment default. ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors: XPO Logistics plans to

...NEW YORK (S&P Global Ratings) March 8, 2019--S&P Global Ratings today assigned its '###-' issue-level rating and '1' recovery rating to XPO Logistics Inc.'s proposed $500 million add-on to its senior secured term loan. The '1' recovery rating reflects our expectation for very high recovery (90%-100%; rounded estimate: 95%) in the event of a payment default. Due to the additional secured debt, we also lowered our issue-level rating on the company's senior unsecured debt to '##-' from '##' and revised the recovery rating to '5' from '4'. The '5' recovery rating reflects our expectation for modest recovery (10%-30%; rounded estimate: 20%) in the event of a payment default. ISSUE RATINGS ¡ RECOVERY ANALYSIS Key analytical factors: + XPO Logistics plans to issue a $500 million add-on to its senior secured term loan. + We are assigning a '1' recovery rating (rounded estimate: 95%) and '###-' issue-level rating to the company's proposed $500 million secured add-on term loan. + At the same time,...

Ratings Action