Moody's lowers United Rentals

Moody's Investors Service said it lowered the long-term ratings of United Rental Inc. and its related entities' corporate family rating to B2 from B1, its senior unsecured to B3 from B2, its senior subordinate to Caa1 from B3 and its Quarterly Income Preferred Securities to Caa2 from Caa1.

The ratings remain under review for possible further downgrade.

The company's speculative-grade liquidity rating is affirmed at SGL-3.

Moody's said the rating was prompted by the greater challenges that United Rentals faces in resolving pending accounting investigations in a timely fashion to bring its financial reporting current, as well as in negotiating with various creditors regarding waivers of covenant violations stemming from its inability to meet financial statement reporting requirements

United Rentals' senior secured bank credit facility rating was dropped to B2 from B1, its senior unsecured debt rating to B3 from B2 and its senior subordinated debt to Caa1 from B3.

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