S&P rates FR Utility Services loans B+

Standard & Poor's said it assigned its B corporate credit rating to FR Utility Services LLC. The outlook is stable.

At the same time, S&P assigned B+ issue ratings and 2 recovery ratings to the company's proposed $30 million revolver and $185 million first-lien term loan. A 2 recovery rating indicates substantial recovery (70%-90%) in the event of a payment default.

The ratings on the company reflect S&P's assessment of the company's business risk profile as "weak" and financial risk profile as "highly leveraged."

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