...+ On Oct. 19, Verra Mobility Corp. (formerly known as ATS Consolidated Inc.) became publicly listed on NASDAQ through Gores Holdings II, a special-purpose acquisition company(SPAC) backed by financial sponsor The Gores Group. Subsequently, sponsor ownership in Verra declined to 41% (roughly 7% Gores and 34% Platinum Equity). + A portion of the financing used to back the SPAC's 642 million purchase of Verra was used to repay the company's $200 million second lien term loan, reducing leverage below 5x. The acquisition was financed with $400 million of funds raised by Gores, a $400 million private investment in public equity (PIPE), and an additional add-on to Verra's first lien term loanAs a result, we are raising our corporate credit rating on Verra from 'B' to 'B+,' and removing the ratings from CreditWatch, where they were placed with positive implications on June 22. The outlook is stable. + We are affirming the '3' recovery rating on the first lien debt (rounded estimate: 60%). + The...