Limited customer and geographic diversity relative to some larger industry peers; Participation in the highly fragmented and competitive utility services industry; and EBITDA margins in the high-teens percentage area. High debt leverage; Free operating cash flow (FOCF) that benefits from recurring maintenance work under master service agreements (MSAs) or MSA-type contracts; and Ownership by financial sponsor Kelso&Co. Our stable rating outlook reflects our belief that PowerTeam will achieve positive free cash flow in 2014, given relatively favorable trends in the electric and gas utility maintenance outsourcing markets, and its track record of EBITDA margins in the high-teens percentage area. While unlikely, we could lower our rating over the next 12 months if FOCF generation were to become negative,
