Moody's ups United Rentals

Moody's Investors Service said it upgraded United Rentals (North America), Inc.'s corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD.

The agency also upgraded the company's senior secured notes rating to Ba2 from Ba3, senior unsecured debt rating to B2 from B3 and its senior subordinated notes rating to B3 from Caa1.

The company's SGL-3 speculative grade liquidity rating was affirmed at SGL-3 to reflect the expectation that United Rentals will maintain an adequate liquidity profile over the next 12 to 18 months.

The outlook was changed to stable from positive.

Moody's said United Rentals' upgrade reflects the improvement of the company's credit quality due to recent performance and the expectation for continued revenue growth combined with further improvement in its operating margins, EBITDA margins, leverage and interest coverage.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.