S&P ups Flexi-Van Leasing

S&P said it raised its corporate credit rating on Flexi-Van Leasing Inc. to B- from CCC and removed the rating from CreditWatch, where S&P placed it with positive implications on Feb. 5.

The outlook is stable.

“We raised our corporate credit rating on Flexi-Van because the company's recent refinancing caused us to reassess its liquidity position as adequate,” S&P said in a news release.

“The company used the proceeds from a new $185 million ABL facility and $300 million of second-lien notes to refinance its existing debt due 2018. Therefore, the company no longer faces any meaningful near-term debt maturities.”

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