S&P rates United Rentals notes BB-

S&P said it assigned a BB- issue-level rating and 4 recovery rating to United Rentals (North America) Inc.'s (URNA) proposed $925 million senior unsecured notes due 2028. The 4 recovery rating indicates an expectation for average (30%-50%, rounded estimate: 40%) recovery in the event of a payment default.

URNA is a subsidiary of United Rentals Inc. (URI). URI is the guarantor of the notes.

All other ratings on URNA and URI are unchanged.

The company plans to use the proceeds from this issuance, along with drawings under its asset-based lending facility (ABL), to repay its $925 million 6 1/8% senior unsecured notes due 2023 and pay associated call premiums, fees, and expenses. The agency plan to withdraw the issue-level rating on the 2023 notes once they have been repaid.

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