North American outsourced laundry services provider Wash BidCo Inc. (dba WASH) is being acquired by Northleaf Capital Partners and AVALT in a sponsor-to-sponsor sale. We anticipate WASH will operate with a lower debt quantum and significantly stronger credit metrics, including an S&P Global Ratings-adjusted closing leverage of approximately 3.7x. The significant equity contributions these parties are making to fund the transaction, alongside their commitment to a 3x leverage target, also bolsters confidence that they will adhere to moderate financial policies following the transaction We assigned our ?B+? issuer credit rating to Wash BidCo Inc. based on the prospective capital structure to be in place following the close of the acquisition. At the same time, we assigned our ?BB-? issue-level and
