Moody's rates Emeco notes Ba3, loans Ba1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Emeco Holdings Ltd., an Australian-based publically listed equipment rental specialist with operations in Australia, Indonesia, Chile and Canada.

At the same time, the agency assigned a provisional Ba3 rating to the proposed $360 million senior secured notes due 2019 and a provisional Ba1 to the company's proposed three-year senior secured revolving credit facility.

The outlook is stable.

Emeco Pty. Ltd. will be the issuer of the notes and the borrower under the revolving credit facility along with Emeco Canada Ltd., and both instruments will be guaranteed by all material subsidiaries.

Proceeds are expected to be used to refinance all of the company's existing debt and for ongoing working capital requirements and liquidity requirements.

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