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Moody's rates HSS notes B2
Moody's Investors Service said it assigned a provisional B2 corporate family rating to Hero Acquisitions Ltd. and a provisional B2 rating to the £200 million senior secured notes due 2019 to be issued by subsidiary HSS Financing plc. The outlook is stable.
The proceeds from the notes will be used primarily to refinance HSS' existing bank debt and to distribute £29 million to shareholders.
The agency said the provisional B2 corporate family rating reflects HSS' leading position in the U.K. equipment rental market supported by its extensive range of products and nationwide branch network and its large customer base, providing exposure to a wide range of industries.
However, the rating is constrained by HSS' high adjusted leverage with limited deleveraging prospects, its limited free cash flow generation due to high capex requirements and the inherent cyclicality of the equipment rental market, Moody's said.
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