S&P cuts Algeco Scotsman notes to CCC

S&P said it reviewed its recovery and issue-level ratings on Algeco Scotsman Global Sarl that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7.

With the criteria review complete, the agency removed the UCO designation from these ratings.

S&P lowered its issue-level rating on the company's senior secured notes to CCC from CCC+ and revised the recovery rating to 5 from 4, indicating an expectation of modest (10%-30%; upper half of the range) recovery in the event of default.

The agency also affirmed the CCC- rating on the senior unsecured notes, with a 6 recovery rating, indicating an expectation of negligible (0%-10%) recovery in the event of default.

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