...May 23, 2022 - U.S.-based gas utility service provider Artera Services LLC's operating performance is weaker than we previously expected, partially because of project margin pressure. Continued inflation has increased the company's costs to complete projects. - We affirmed our 'B-' issuer credit rating on Artera and revised our outlook to negative from stable. - At the same time, we affirmed our 'B-' issue-level ratings on the company's first-lien term loan, revolving line of credit, and senior secured notes. The recovery rating is '3', indicating our expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. - In addition, we affirmed our '###' rating on the company's second-lien term loan. The recovery rating is '6', indicating our expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default. - The negative outlook reflects higher-than-expected debt leverage entering 2022. We assume free cash flow will turn positive at...
