S&P affirms Emcor

S&P said it affirmed its BBB- corporate credit rating Emcor Group Inc. The outlook is stable.

The affirmation follows Emcor’s recent refinancing, which replaced a $1.1 bank loan facility with a $1.3 billion facility and extended the maturity until 2021.

The company used the proceeds of the new $400 million term loan to repay amounts drawn under its revolver in connection with its recent acquisition of Ardent Services LLC and Rabalais Constructors LLC.

Accordingly, S&P said it now views Emcor’s liquidity profile as stronger, reflecting S&P’s view that the company’s liquidity sources will exceed its uses over the next 24 months with ample cushion and minimal refinancing risk over the same timeframe.

As a result, S&P revised the liquidity assessment to strong from adequate. This revision has no impact on the corporate credit rating on the company.

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