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S&P assigns United Rentals notes BB+
S&P said it assigned BB+ issue-level and 4 recovery ratings to United Rentals (North America) Inc.'s planned $1.1 billion of senior unsecured notes due in 2034. The 4 recovery rating indicates average (30%-50%; rounded estimate: 35%) recovery in default.
Parent United Rentals Inc. and its current and future domestic subsidiaries, subject to limited exceptions, will guarantee the notes.
The ratings are the same as those on the issuer’s outstanding senior unsecured notes.
The company plans to use the proceeds, along with modest incremental borrowings under its unrated $4.25 billion asset-based lending revolving credit facility, to finance its $1.1 billion purchase of Yak Access LLC, Yak Mat LLC, and New South Access & Environmental Solutions LLC (collectively, Yak) and pay related fees and expenses.
The outlook is stable.
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