NEW YORK (S&P Global Ratings) June 30, 2020--S&P Global Ratings is affirming its 'B-' issue-level rating on PowerTeam Services LLC's senior secured notes due 2028, which the company is proposing to upsize. We are also revising the recovery rating on the debt to '4' from '3.' The '4' recovery rating indicates our expectation of average (30%-50%; rounded estimate: 45%) recovery of principal in the event of a payment default. The company intends to use the net proceeds from the notes for corporate purposes, which may include paying off current balances on its revolving credit facility and securitization facility this year. We expect that the transaction will have a neutral impact to our leverage expectations in 2020. At the same time,
