S&P revises TRC view to stable

S&P said it revised TRC Cos. Inc.’s outlook to stable from negative and affirmed the B ratings on the company and its first-lien term loan and revolving line of credit. The 3 recovery ratings are unchanged, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in default.

“We expect improved credit metrics over the next year as customer delays caused by the Covid-19 pandemic and the low oil price environment continue to subside. Despite higher than previously anticipated debt leverage in the second half of fiscal 2020, we expect stable profitability to reduce S&P Global Ratings-adjusted debt to EBITDA below 6.5x in 2021 and 2022,” S&P said in a press release.

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