Moody's rates Algeco notes B1, B3

Moody's Investors Service said it assigned a B1 corporate family rating to Algeco Scotsman Global Sarl and ratings of B1 and B3 to the proposed senior secured and senior unsecured notes, respectively, to be issued by Algeco's indirect wholly owned subsidiary Algeco Scotsman Global Finance plc.

The outlook is stable.

Moody's said the B1 rating of the proposed senior secured notes is based upon the notes' seniority and size in relation to Algeco's other indebtedness, as well as to their level of asset coverage via the mix of first-lien and second-lien senior secured guarantees from parent Algeco and certain Algeco operating subsidiaries.

The B3 rating assigned to the planned senior unsecured notes reflects their structurally subordinated position with respect to Algeco's senior secured debt and their relatively weaker level of asset coverage, the agency said.

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