Fitch: United Rentals on watch

Fitch Ratings said it placed the ratings for United Rentals, Inc. (URI) and its principal operating subsidiary, United Rentals North America, Inc. (URNA), on Rating Watch negative.

The action reflects Fitch's belief that URI will not be able to complete its 2004 10-K by Aug. 15, the agency said.

Incorporated into Fitch's current view was United Rental's announcement regarding URI's president and chief financial officer John Milne and the board of directors' determination that he failed to perform his duties and this failure would constitute cause for termination if not cured in a 30-day period in accordance with his employment agreement, the agency added.

Affected ratings include URI's B subordinated debt and URNA's BB senior secured debt, BB- senior unsecured debt and B subordinated debt.

© 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.