Limited customer and geographic diversity relative to some larger industry peers Participates in the highly fragmented and competitive utility services industry Continued better-than-average profitability High debt leverage Free operating cash flow (FOCF) that benefits from recurring maintenance work under master service agreements (MSAs) or MSA-type contracts Ownership by financial sponsor Kelso&Co. S&P Global Ratings' stable outlook on PowerTeam Services LLC reflects our belief that the company will continue to generate positive free cash flow in 2017, given the relatively favorable trends in the electric and gas utility maintenance outsourcing markets and our expectation that it will exhibit EBITDA margins in the mid-teens percent area. While unlikely, we could lower our rating on PowerTeam over the next 12 months
