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S&P might lift HSS Hire
Standard & Poor's said it it placed its B long-term corporate credit rating on HSS Financing plc (trading as HSS Hire) on CreditWatch with positive implications.
At the same time, the agency placed the B issue rating on the group's £200 million senior secured fixed-rate notes on CreditWatch with positive implications.
The CreditWatch placement reflects S&P’s view that HSS Hire’s recently announced IPO could meaningfully improve its credit ratios. The group aims to raise about £103 million and to convert its existing shareholder loans and accrued payment-in-kind interest to pure common equity. The agency currently treats these instruments as debt under its criteria.
Based on these assumptions, S&P estimates that the group's S&P-adjusted ratio of debt to EBITDA could improve to about 2.5 times from about 4.5 times under its expectations for the fiscal year ending Dec. 31, 2015, and its adjusted ratio of funds from operations (FFO) to debt could improve to about 31% from about 16%.
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