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S&P: RSC on watch
Standard & Poor's said it placed its B+ corporate credit rating on RSC Equipment Rental Inc. on CreditWatch with negative implications following the announcement that United Rentals Inc. has agreed to acquire RSC in a deal valued at about $4.2 billion, including the assumption of debt.
"The CreditWatch placement on RSC resulted primarily because our credit rating on URI, the acquirer, is one notch lower than our current B+ rating on RSC," said S&P credit analyst John Sico in a news release.
"Although we believe the combination will result in a company with greater scale, we think leverage of the combined company will be in line with a B corporate credit rating," he said.
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