Fitch rates GXO notes BBB

Fitch Ratings said it assigned a BBB rating to GXO Logistics, Inc.'s planned issuance of senior unsecured notes.

The agency currently rates GXO's long-term issuer default rating, senior unsecured notes and senior unsecured revolving credit facility BBB.

GXO's two series of new unsecured notes will be used to finance the all-cash acquisition of Wincanton for about $1 billion. Fitch said it expects the acquisition to be fully debt-funded and that GXO may use undrawn term loan commitments, as needed, to complete the acquisition.

The outlook is negative.

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