Global Infrastructure Solutions Inc. (GISI), a U.S.-based engineering and construction service provider, is seeking to issue $400 million of eight-year senior unsecured notes. We assigned our 'BB-' issuer credit rating to GISI. At the same time, we assigned our 'BB-' issue-level rating and '4' recovery rating to the company's proposed $400 million senior unsecured notes. The '4' recovery rating indicates our expectation for average (30%-50; rounded estimate: 30%) recovery in the event of a payment default. The stable outlook reflects our view that GISI will benefit from its strong backlog and deliver a good operating performance over the next 12 months. The outlook also incorporates our expectation that its adjusted debt to EBITDA will remain below 4x. NEW YORK (S&P
