S&P ups United Rentals unit

S&P said it raised United Rentals (North America) Inc.’s senior unsecured notes to BB+ from BB and revised the recovery rating to 4 from 5. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 35%) recovery in default. The issuer is a unit of United Rental Inc.

“The company increased its balance sheet assets in 2021, primarily through its purchases of rental equipment and acquisitions, which modestly increased our overall valuation. At the same time, URI's debt load and capital structure as of the end of 2021 remained relatively unchanged compared with prior year. We believe this supports improved recovery prospects for the unsecured noteholders in a default scenario,” the agency said in a press release.

S&P said its other ratings, including the BB+ issuer credit ratings and stable outlook on URI and United Rentals (North America) Inc., are unchanged.

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