Select drops to B minus
Santa Barbara-based staffing giant Koosharem Corp., also known as Select Staffing, lost one notch on its Standard & Poor’s rating when the corporate credit slipped one level Dec. 29 to B minus.
S&P pointed to the “recession’s effect” plus “high debt leverage” and thin covenant compliance. The $100 million second-lien term loan rating for the company went to CCC.
Select Staffing is one of the largest private companies in the Tri-Counties, with about 250 employees in the region and 2007 revenue of $1.4 billion.
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