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S&P upgrades HSS Hire
Standard & Poor’s said it raised its long-term corporate credit rating on HSS Financing plc, trading as HSS Hire, to BB- from B. The outlook is positive.
At the same time, S&P raised the issue rating on the group’s outstanding £136 million senior secured fixed-rate notes due 2019 to BB from B.
S&P said the upgrades follow HSS’ IPO on the London Stock Exchange and reflect S&P’s opinion that HSS will maintain a more moderate financial policy as a publicly traded company, notwithstanding its partial ownership by private equity sponsor Exponent.
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