Moody's affirms RSC

Moody's Investors Service said it affirmed RSC Equipment Rental, Inc.'s corporate family and probability-of-default ratings at B2, $1.7 billion senior secured bank credit facility at Ba2 (LGD2, 19% from 21%), $899.3 million second-lien term loan due 2013 at B3 (LGD4, 62% from 64%) and $620 million senior unsecured notes due 2014 affirmed at Caa1 (LGD5, 89%). The speculative grade liquidity rating remains SGL-2.

The outlook is negative.

RSC's B2 corporate family rating incorporates its leading competitive position in the North American equipment rental industry, which should help insulate the company from the severe contraction in the non-residential construction, the agency said.

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