NEW YORK (S&P Global Ratings) Sept. 16, 2021--S&P Global Ratings today said that the recent reported declines in Allied Universal Holdco LLC's (also known as Atlas Ontario L.P.; B/Stable/--) gross margin were greater than we previously expected due to a tighter U.S. labor market. We expect continued year-over-year margin declines for the rest of 2021, though we anticipate they will moderate in the fourth quarter as the company's one-time, high-margin COVID-19 services roll off. Our base-case estimate for Allied's 2021 EBITDA margins is that it falls to the lower end of our range at about 7.0%-7.5% (from 8.0% the previous year). The end of enhanced federal unemployment benefits in the U.S. could improve hiring trends and we expect its bill/pay
