S&P moves EmployBridge view to negative

S&P said it revised its outlook for EmployBridge Holding Co. to negative from stable and affirmed the B- ratings on the company and its senior secured debt. The agency also revised the recovery rating on this debt to 4 from 3. The 4 recovery rating reflects average recovery (30%-50%) in default.

“Atlanta-based temporary staffing provider EmployBridge Holding Co. is facing challenging business conditions due to high-interest rates, an uncertain macroeconomic climate, and the cyclical nature of the staffing industry,” S&P said in a statement.

The agency said it now estimates the issuer’s leverage will remain elevated at more than 10x and EBITDA interest coverage of 1x in 2023.

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