NEW YORK (S&P Global Ratings) May 1, 2023—S&P Global Ratings today assigned its 'B' issue-level rating to Santa Ana, Calif.-based Allied Universal Holdco LLC's proposed $400 million incremental nonfungible first-lien term loan facility due May 2028. The company will use proceeds to pay down borrowings under the company's asset-based lending (ABL) facility. Our issuer credit rating on Atlas Ontario L.P. (the parent entity), and Allied's other debt facilities are unchanged. We believe elevated working capital needs, deferred payroll tax payments, and higher-than-normal pension plan contributions led to significant cash flow deficits in 2022 while profitability was hindered amid tight labor availability. Meanwhile, the company's ongoing acquisition activity (including its acquisition of Total Security Services in March 2022 and Attenti Electronic
