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S&P revises HSS Financing to negative
S&P said it revised its outlook on HSS Financing plc (trading as HSS Hire) to negative from stable.
The agency also affirmed its long-term corporate credit rating at BB- and assigned its BB- ratings on HSS Hire Group plc, the ultimate parent of HSS Financing.
At the same time, S&P affirmed its BB issue rating on the group's outstanding £136 million senior secured fixed-rate notes due 2019. The recovery rating is unchanged at 2, indicating an expectation for a substantial (70%-90%) recovery in the event of a payment default.
S&P said the outlook revision reflects its view that, in 2017, the gradual recovery of HSS Financing’s credit metrics that the agency forecasts could potentially be hampered by Brexit, challenging market conditions, and/or a potential further escalation in aggressive pricing from competition. This could in turn lead to margin pressure, weaker credit metrics and tighter liquidity.
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