TRC Cos. Inc. #B# First-Lien Credit Facility Rating Affirmed Following Repricing

Stocks and Financial Services Press Releases Thursday November 30, 2017 08:49
NEW YORK--30 Nov--S&P Global Ratings

NEW YORK (S&P Global Ratings) Nov. 29, 2017--S&P Global Ratings today affirmed its 'B' issue-level rating on TRC Cos. Inc.'s first-lien credit facility following the proposed repricing of its $60 million revolver and $325 million first-lien term loan.

The '3' recovery rating remains unchanged, indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. Although the proposed repricing should modestly reduce TRC's total interest expense, we do not believe that it will have a material impact on the company's credit measures.

Therefore, all of our other ratings on the company remain unchanged. Our ratings on TRC reflect the company's position as a niche engineering, consulting, and construction management firm that participates in multiple end markets across the U.S. Our ratings also incorporate the risks associated with TRC's ownership by a private-equity sponsor, which may choose to increase its debt leverage over time.


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