...August 6, 2021 NEW YORK (S&P Global Ratings) Aug. 6, 2021--S&P Global Ratings today lowered its issue-level rating on XPO Logistics Inc.'s senior secured term loan to '##+' from '###-' and recovery rating to '2' (rounded estimate: 85%) from '1'. We also lowered the rating on the company's unsecured notes due in 2025 to 'B+' from '##-' and the recovery rating to '6' (rounded estimate: 0%) from '5'. We removed our issue-level ratings from CreditWatch, where we placed them with negative implications on June 15, 2021. Our '##' issuer credit rating is unchanged. The ratings on the 2034 unsecured notes, issued by Con-way Inc. and not guaranteed by XPO, are also unchanged. The downgrade reflects our expectation for a lower enterprise value at default following the spin-off of the company's contract logistics business, GXO Logistics Inc., XPO will generate most of its EBITDA from its less-than-truckload (LTL) business, which we view as more cyclical than contract logistics. We utilize a 5x multiple...
