U.S.-based security guard service provider USAGM Topco LLC, operating as Universal Services of America (Universal), is planning to tap its first- and second-lien credit agreements' delayed draw facilities to finance a tuck-in acquisition. The acquisition does not materially impact its credit metrics. We are affirming all of our existing ratings on the company, including the 'B' corporate credit rating, 'B' issue-level rating on the first-lien credit facilities, and 'CCC+' issue-level rating on the second-lien facilities. The stable outlook reflects our expectations that operating performance will remain stable over the next year as the company maintains good client retention while integrating planned acquisitions. In addition, we expect the company to maintain leverage in the low 8x area in 2016. On Nov.
