Moody's assigns National Group, notes B2

Moody's Investors service said it assigned a B2 corporate family rating to National Group Corp. Pty. Ltd. At the same time, Moody's assigned a backed B2 rating to the company’s proposed $275 million senior secured notes due 2023.

This is the first time Moody's assigned ratings to National Group, the agency said.

“National's B2 CFR reflects its solid position in the mining equipment rental industry, with a large and growing fleet of relatively young heavy earth moving equipment,” said Matthew Moore, a Moody's vice president and senior credit officer, in a press release.

The outlook is stable.

“The stable outlook reflects Moody's expectation that, despite the weakening operating and macroeconomic environment, National's young fleet and strong relationships with major miners will allow it to sustain or improve its recent revenue and earnings gains, while maintaining appropriate credit metrics for the rating,” the agency said.

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