S&P rates OnSite Rental loan B-, view stable

S&P said it revised the outlook on Onsite Rental Group Pty Ltd. to stable from negative and affirmed the B- corporate credit rating.

The agency also withdrew the B- issue rating on the term loan issued by Onsite Rental.

At the same time, S&P assigned a B- corporate credit rating on Onsite Rental Group Operations Pty Ltd.

The outlook is stable.

The agency also assigned a B- issue rating on Onsite Rental Operations' new senior secured term loan B due in 2022. The recovery rating is 3, indicating an expectation for meaningful recovery of around 60% in the event of a payment default.

S&P said the action reflects a view that the transaction has improved Onsite Rental Operations' financial flexibility given that it has removed the company's previous debt covenant pressures.

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