Moody’s rates PS HoldCo, loan B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to PS HoldCo, LLC.

The agency also assigned a B2 rating to the new $246 million first-lien term loan that PS HoldCo plans to arrange in connection with the sale of a majority of PS Logistics to funds managed by One Equity Partners.

The outlook is stable.

Moody’s said the B2 corporate family rating reflects PS HoldCo’s position as one of the largest providers of flatbed transportation and logistics services with an operational track record that spans more than a decade.

“PS HoldCo's business model comprises asset-based transportation services using company-owned equipment and employees, asset-light transportation services using lease operators and owner operators, as well as brokerage services,” Moody’s said in a news release.

“Combined with a driver pay structure that is based on a percentage of applicable freight rates, this model results in a flexible cost structure and a driver turnover rate that is well below industry averages.”

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