New territory: RXO debt rating from Moody’s now below investment-grade cutoff

RXO has lost its investment-grade credit rating from Moody’s, knocked down one notch to a level below the cutoff below which corporate debt is considered non-investment grade. However, the new Moody’s debt rating for the 3PL, announced Tuesday, is still above the equivalent at S&P Global (NYSE: SPGI). S&P Global’s rating for RXO (NYSE: RXO) is at BB, which is considered one notch less than Ba1, the new rating handed down by Moody’s. The Moody’s (NYSE: MCO) rating had been Baa3, which means that before t ...