S&P places H&E on positive watch

Standard & Poor's said placed its ratings on H&E Equipment Services LLC on CreditWatch with positive implications, including the B+ corporate credit rating, the BB- rating on its secured bank loan and the B- rating on its senior secured debt.

H&E has filed an IPO for about $200 million in gross proceeds (including over-allotments). If completed, the offering will improve the company's credit profile and possibly lead to a slight upgrade, the agency said.

H&E plans to use the net proceeds to make an acquisition, to buy equipment that is currently leased and to repay borrowings under its revolving credit facility.

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