S&P: United Rentals stays on watch

Standard & Poor's said its ratings on United Rentals Inc. (URI), including its BB senior secured bank loan and corporate credit ratings, remain on CreditWatch with negative implications.

The ratings were originally placed on CreditWatch on Aug. 30, 2004.

The company's BB- senior unsecured and B+ senior subordinated debt ratings are also on watch.

The ratings remain on CreditWatch following the company's announcement that the board of directors has found cause for the termination of John Milne, the company's president and chief financial officer, for failing to cooperate with a special committee reviewing matters relating to an SEC investigation into a broad range of the company's accounting practices, the agency said.

The company has delayed reporting its 2004 audited results and filing its 10-K amid the ongoing investigation, S&P said, adding that the filing delay has required the company to obtain a waiver extension from the senior lenders under its credit facility to Dec. 31.

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