GXO acquisition of Wincanton draws caution and praise from ratings agencies

Capt. John

The two key ratings agencies have weighed in with a cautionary outlook on the offer by GXO to acquire U.K.-based contract logistics company Wincanton.

Neither Moody’s nor S&P Global Ratings reduced its credit rating on GXO (NYSE: GXO). At Moody’s, the Ba1 corporate rating is one notch below investment-grade. The S&P Global (NYSE: SPGI) rating of BBB- is the lowest investment-grade rating.

But both agencies put GXO on the equivalent of a watch list because of the additional debt the company will...


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