XPO Logistics Inc. Senior Unsecured Rating Lowered To 'B-' (Recovery Rating: '5') Following Close Of Con-way Acquisition

NEW YORK (Standard&Poor's) Oct. 30, 2015--Standard&Poor's Ratings Services today lowered its issue-level rating on Greenwich, Conn.-based XPO Logistics Inc.'s senior unsecured notes to 'B-' from 'B' and revised its recovery rating on the notes to '5' from '4' following the completion of the company's acquisition of Con-Way Inc. We also removed the ratings from CreditWatch, where we had placed them with negative implications on Oct. 13, 2015. The '5' recovery rating indicates our expectation of modest (10%-30%; lower end of the range) recovery for debtholders in the event of a payment default. Following the completion of the merger, XPO assumed Con-way Inc.'s senior unsecured notes. We currently rate the notes 'CCC+' with a '6' recovery rating.

...(Editor's Note: The original version of this report incorrectly referred to the business risk profile as "fair" when it was "weak." A corrected version follows.) NEW YORK (Standard & Poor's) Oct. 30, 2015--Standard & Poor's Ratings Services today lowered its issue-level rating on Greenwich, Conn.-based XPO Logistics Inc.'s senior unsecured notes to 'B-' from 'B' and revised its recovery rating on the notes to '5' from '4' following the completion of the company's acquisition of Con-Way Inc. We also removed the ratings from CreditWatch, where we had placed them with negative implications on Oct. 13, 2015. The '5' recovery rating indicates our expectation of modest (10%-30%; lower end of the range) recovery for debtholders in the event of a payment default. Following the completion of the merger, XPO assumed Con-way Inc.'s senior unsecured notes. We currently rate the notes '###+' with a '6' recovery rating. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%)...

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