Moody's affirms H&E

Moody's Investors Service said it affirmed the B1 corporate family and probability-of-default ratings of H&E Equipment Services, Inc. and the B3 (LGD5) rating on its $250 million 8 3/8% senior unsecured notes due 2016.

The outlook is stable.

The B1 rating has been affirmed despite an expectation of declining non-residential construction activity through 2010 and likelihood of used equipment price declines near term, Moody's noted.

H&E's low leverage and good liquidity profile have positioned the company well to weather the severe construction down cycle, the agency said. H&E had 2008 a debt-to-EBITDA ratio of 2 times.

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