S&P rates Algeco notes B+, B-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Algeco Scotsman Global Sarl. The outlook is stable.

At the same time, the agency said it assigned a B+ rating to the proposed €1.05 million senior secured notes to be issued by subsidiary Algeco Scotsman Global Finance plc and guaranteed by Algeco. The recovery rating on the notes is 4, indicating an expectation of an average recovery in a payment default.

The agency said it also assigned a B- rating to the proposed €675 million senior unsecured notes to be issued by Algeco Scotsman Global Finance plc and guaranteed by Algeco. The recovery rating on the notes is 6, indicating an expectation of negligible recovery in a payment default.

"The ratings on Algeco reflect the company's significant position within the modular space leasing industry, its global footprint, the diverse end markets it serves and its very low customer concentration and intermediate-term leases," said S&P credit analyst Funmi Afonja in a news release.

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