S&P revises PSC Industrial view to positive

S&P said it revised PSC Industrial Outsourcing LP’s outlook to positive from negative.

“The positive outlook reflects PSC's resilient operating performance during the pandemic, despite a challenging year, and our belief that earnings will continue to improve over the next 12 months. The company outperformed our expectations for fiscal 2020, and we believe the demand for the company's specialty maintenance services will likely remain steady over the near term,” S&P said in a press release.

The agency affirmed PSC’s CCC+ issuer credit rating, the B rating on the company's $460 million first-lien term loan due 2024 and the CCC- rating on its $110 million second-lien term loan due 2025, respectively. The recovery ratings on this debt remain 1 and 6, respectively. S&P does not rate the $110 million asset-based lending revolver.

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