S&P assigns Atlas Intermediate, loan B

S&P said it assigned B ratings to Atlas Intermediate Holdings LLC and its $281 million first-lien term loan. The company also issued a $40 million senior secured revolver (undrawn at close). The recovery rating of 3 on the loan indicates the expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default.

“The rating on Atlas reflects our view of its modest size and narrow geographic scope in the broader global engineering and construction (E&C) services industry. Atlas has reached national scale, following recent acquisitions, in the highly fragmented infrastructure and construction testing, inspection and certification market in the U.S.,” said S&P in a press release.

The outlook is stable.

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