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Moody's: H&E view to positive
Moody's Investors Service said it changed the outlook of H&E Equipment Services, Inc. to positive from stable and affirmed its corporate family rating at B1, probability of default at B1 and $250 million of 8 3/8% senior unsecured notes due 2016 at B3 with LGD5, to 81% from 82%.
The outlook change reflects H&E's favorable competitive position stemming from low leverage, a strong debt collateralization level and likelihood that the U.S. non-residential construction activity decline underway should abate in 2011, Moody's said.
The primary demand growth rate that resumes in 2011 will not be near the strong, sustained levels that followed the 2001 recession, the agency said, and the magnitude of pricing improvements may be more limited.
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