S&P rates Hanover Compressor notes BB-

Standard & Poor's said it assigned its B rating to Hanover Compressor Co.'s (BB-/stable) $150 million senior unsecured notes due in 2013.

At the same time, S&P said it affirmed its BB- corporate credit rating on the company.

The outlook is stable.

S&P noted that the ratings on Hanover are based on a leveraged financial profile and participation in the competitive gas compression service industry, adding that these weaknesses are only partially tempered by the company's position as the largest participant in the outsourced gas compression industry, favorable market conditions, improving operating performance and modest expected debt reduction over the near to intermediate term.

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