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S&P lowers HSS Hire view to stable
Standard & Poor’s said it revised the outlook on HSS Financing plc to stable from positive and affirmed the company’s BB- long-term corporate credit ratings.
HSS Financing trades as HSS Hire.
The agency also said it affirmed the BB rating on the group’s outstanding £136 million senior secured fixed-rate notes due 2019.
HSS Hire has experienced challenging market conditions through 2015, S&P said, and this trend is expected to continue through 2016.
The market has slowed down and price pressure on HSS Hire is increasing as its competitors try to preserve or increase their market share, the agency said.
Despite these obstacles, HSS Hire continues to grow its revenue base, generate robust cash flows and exhibit good cash interest cover, S&P said.
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