S&P: United Rentals still on watch

Standard & Poor's said its ratings on United Rentals North America Inc. (URI) and its parent United Rentals Inc., including URI's BB corporate credit rating, remain on CreditWatch with negative implications.

S&P said the ratings remain on CreditWatch following the company's announcement that it is soliciting consents for amendments to indentures governing its bonds and quarterly income preferred securities. These consents, if granted, would allow the company additional time to report its financials to the SEC, which have been delayed since the original notice of an investigation by the SEC was received in August 2004.

To date, URI has not received any notice of default, however, according to the consent solicitation documents, holders of the outstanding $144 million convertible notes due 2023 have contacted URI proposing that they would be willing to consent to waivers if URI makes amendments to terms of the convertible notes, the agency said.

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