S&P Global Ratings placed jobs website operator CareerBuilder on CreditWatch, according to an announcement from the credit ratings firm on July 15.

The move comes after CareerBuilder and Monster communicated on July 2 that they would merge. Plans call for existing CareerBuilder investors, including Apollo Funds, to hold a controlling interest in the combined firm. Monster owner Randstad will retain a minority share. The deal is slated to close in the third quarter.

“The CreditWatch placement reflects the uncertainty regarding the transaction, including the terms of the joint-venture agreement, the company’s ultimate capital structure, as well as the expected synergies and turnaround plan,” S&P Global Ratings said in its announcement. “We plan to resolve the CreditWatch once the transaction closes and we have fully assessed its potential effects on CareerBuilder’s business profile, capital structure, key credit metrics and liquidity position.”

S&P Global Ratings said both CareerBuilder and Monster had been struggling for a few years. The ratings agency expects to gain clarity into CareerBuilder’s proposed debt structure and business strategy in the next few months.

It also noted the company has approximately $127 million outstanding on a first-lien term loan due July 2026.

CareerBuilder has been contacted for comment.

CareerBuilder and Monster rank as the 20^th and 21^st-largest providers of online job advertising, respectively, according to SIA’s Online Job Advertising Market: 2024 Update.