Fitch trims EmployBridge

Fitch Ratings said it downgraded the long-term issuer default rating of EmployBridge Holding Co. to B from B+ and the company's senior secured term loan to B+/RR3 from BB-/RR3. The agency also assigned a B IDR to QEB Intermediate Inc., which is the financial filer.

“The downgrade reflects a reset of Fitch's medium-term growth expectations given the sharp decline in staffing services demand particularly for manufacturing and logistics. The company's EBITDA generation will be lower than previously anticipated resulting in higher leverage than the 4x-5x range that was expected for EmployBridge's B+ IDR,” the agency said in a press release.

The outlook is negative.

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