Moody’s gives United Road /LD

Moody’s Investors Service said it appended a limited default designation, or /LD, to URS Holdco, Inc.'s (United Road) Caa1-PD probability of default rating and plans to withdraw all ratings on the company.

“The /LD designation follows United Road's April 2023 completion of a debt restructuring which reduced debt by about $335 million with the conversion of its first-lien debt to equity. Moody's views the equitization of the first lien as a distressed exchange. The /LD designation will be removed in three business days. The company's $60 million asset-based revolving (unrated) credit facility that expires in September 2026 remains in place,” the agency said in a press release.

The withdrawal is because there is no longer any rated debt after the exchange, Moody’s said.

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