...NEW YORK (Standard & Poor's) June 1, 2015--Standard & Poor's Ratings Services today assigned its 'B' issue-level rating and '4' recovery rating to Greenwich, Conn.-based XPO Logistics Inc.'s proposed new senior unsecured notes. The '4' recovery rating indicates our expectation for average (30%-50%; lower end of the range) recovery for debtholders in the event of a payment default. The company will use the proceeds from these notes to finance its acquisition of European logistics provider Norbert Dentressangle S.A., which was announced last month. At the same time, we are raising our issue-level rating on the company's existing senior unsecured notes to 'B' from 'B-' and are revising the recovery rating on the notes to '4' from '5'. The '4' recovery rating indicates our expectation for average (30%-50%; lower end of the range) recovery for debtholders in the event of a payment default. Our ratings on XPO reflect its highly leveraged capital structure, aggressive growth strategy, and its...
