S&P: PowerTeam view to negative

S&P said it revised the outlook on PowerTeam Services LLC to negative from stable and affirmed its B corporate credit rating.

The agency also affirmed the B issue-level rating on PowerTeam's revolver and first-lien term loan due 2020. The 2 recovery rating is unchanged, indicating an expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of a payment default.

Additionally, S&P affirmed the CCC+ issue-level rating on PowerTeam's second-lien term loan due 2020. The 6 recovery rating remains, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a payment default.

“The negative outlook on PowerTeam reflects the company's weaker-than-expected operating performance over the past few quarters and the potential for further weakness during the rest of the year,” the agency said in a news release.

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