Financial sponsor Kelso is acquiring a U.S. utility maintenance and infrastructure services provider PowerTeam Services LLC to combine with portfolio company Power Holdings to operate under Power Buyer LLC, which is issuing debt to refinance existing debt and partly fund the acquisition. We are assigning our 'B' preliminary corporate credit rating to Power Buyer. We are also assigning 'B' preliminary issue ratings and preliminary '3' recovery ratings to the company's proposed first-lien debt and a 'CCC+' preliminary issue rating and a preliminary '6' recovery rating to the company's proposed second-lien term loan. The stable outlook reflects our belief that Power Buyer can achieve positive free cash flow in 2013 as a result of demand for the company's maintenance services and
