S&P: Compass Group unaffected

Standard & Poor's said that Compass Group Diversified Holdings LLC's sale of Staffmark to a subsidiary of Recruit Co. Ltd for net proceeds of $220 million does not affect the agency's rating on the proposed $275 million revolver and $225 million senior secured term loan B, or its corporate credit rating on the company.

Pro forma for the sale, lease-adjusted leverage, as of June 30 remains relatively flat at 2.5x as the reduction in Staffmark EBITDA is offset by S&P's expectation that some of the proceeds will be used to pay down debt, as well as to supplement cash for future acquisitions, the agency said in a news release.

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