One of 3 ratings agencies now has XPO as investment-grade

LTL carrier XPO is now an investment-grade credit at one of the three major ratings agencies.

Fitch Ratings has upgraded its rating on XPO (NYSE: XPO) to BBB-. That is one notch above the cutoff between investment-grade and non-investment grade debt.

It comes just a few months after both Moody’s (NYSE: MCO) and S&P Global Ratings (NYSE: SPGI) raised their ratings on XPO by one notch, BB+ at S&P Global and Ba1 at Moody’s. Both those grades are considered equivalent, but they are also both below the cutoff between investment grade and non investment grade debt.

Fitch first rated XPO in March 2023. Its first grade was BB+. It held that rating until the most recent change.

This story was originally published by FreightWaves. Read the full story at FreightWaves →