NEW YORK (S&P Global Ratings) June 24, 2021-- Genuine Financial Holdings LLC's (HireRight's) operating performance continues to trail that of industry peers, including Sterling Intermediate Corp. and First Advantage Corp. Background screening volumes for a significant proportion of Genuine's customer base, primarily in retail, transportation, and hospitality, remain below pre-pandemic levels. In addition, the company's cash flow and liquidity will likely worsen before improving in the second half of 2021. Under our base-case scenario, increased working capital needs and one-time legal payments will likely result in free operating cash flow (FOCF) deficits in the first half of 2021. However, we expect about $30 million-$40 million in FOCF for full-year 2021 as improved U.S. hiring conditions support organic revenue growth and
