Moody’s lowers Algeco, debt

Moody's Investors Service said it downgraded Algeco Scotsman Global Sarl’s corporate family rating to B3 from B2. It also downgraded Algeco Scotsman Global Finance plc's senior secured rating to B3 from B2 and senior unsecured rating to Caa2 from Caa1.

The outlook is stable.

Moody’s said the action reflects Algeco's continued weak financial performance, further exacerbated by sizeable currency losses in 2014. The 2014 financial losses further weakened the company's negative shareholders' equity and delayed expected deleveraging.

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