S&P cuts United Rentals

Standard & Poor's said it lowered its ratings on United Rentals (North America) Inc. and its parent United Rentals Inc., including the corporate credit ratings on the two companies, which fell to BB- from BB.

The ratings remain on CreditWatch with negative implications pending any further delay by the company in filing its 2004 audited financial statements, which are due by March 31, the agency said.

Affected ratings include United Rentals' senior secured bank loan, lowered to BB- from BB, senior unsecured debt to B+ from BB- and senior subordinated to B from B+.

S&P said the downgrade reflects the increased uncertainty about whether the company can meet the filing deadlines for financial reports.

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