S&P lowers URS Holdco

S&P said it downgraded URS Holdco Inc. to B- from B and placed all of the ratings on the company on CreditWatch with negative implications.

“Reduced demand for new and used light vehicles due to the Covid-19 pandemic has resulted in lower freight volumes for URS Holdco Inc., which operates as United Road. We expect the company’s operating results to weaken significantly from our prior assumptions,” S&P said in a news release.

“United Road is taking various steps to offset this decline such as furloughs and reducing capital expenditures. However, we still expect weakening demand to impact the company's credit metrics and cash flow.”

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