S&P shifts Custom Truck One Source view to negative

S&P said it revised the outlook for Custom Truck One Source to negative from stable and affirmed the company’s B+ issuer and issue ratings.

“We anticipate leverage levels to increase toward the 5x range over the next 12 months, due to a decrease in demand for its products and services, as well as lower utilization rates driven by the impact of Covid-19 and the recession. We believe some of this weakness will be offset by relatively stable demand in its transmission, infrastructure, and forestry end-markets,” S&P said in a press release.

The agency said it forecasts leverage receding towards the 4x area in 2021.

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