S&P rates United Road, loan B

S&P said it assigned a B corporate credit rating to CB URS Holdings Corp. (United Road) and assigned a B issue-level rating to the company's proposed $260 million first-lien term loan due 2024.

The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default.

The outlook is stable.

S&P said the action follows the announcement that Carlyle Group has entered into an agreement to acquire CB URS Holdings Corp.

“Our ratings on URS reflect the company's participation in the highly fragmented, competitive, cyclical and capital-intensive trucking industry,” the agency said in a news release.

“The ratings also reflect the company's narrow geographic focus in North America as it predominantly operates in the United States.”

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