S&P reviews Modular Space

Standard & Poor's said it placed all of its ratings on Modular Space Corp., including the B- corporate credit rating, on CreditWatch with developing implications.

"The CreditWatch placement follows Modular Space and Algeco’s [Algeco Scotsman Global Sarl] joint announcement that they have entered into an agreement to merge their North American modular space operations," S&P credit analyst Tatiana Kleiman said in a news release.

"Under the proposed agreement, Algeco Scotsman would merge its North American operations into Modular Space Corp., creating a combined fleet of about 150,000 units."

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