Moody's affirms H&E Equipment

Moody's Investors Service said it affirmed H&E Equipment Services, Inc.'s B1 corporate family rating and B1-PD probability of default rating.

Concurrently, Moody's said it affirmed the B3 rating to the company's $630 million unsecured notes upon considering the credit implications of H&E's planned acquisition of Neff Corp. for a total price of $1.2 billion, including about $690 million in debt currently on Neff's balance sheet and up to $250 million of new equity.

H&E's speculative grade liquidity rating was affirmed at SGL-2. The outlook is stable.

All ratings for Neff Rental LLC, including B2 CFR, B2-PD PDR, B3 senior secured credit facility, SGL-3, and stable outlook, are unaffected at this time.

Moody’s said the CFR affirmation reflects the benefits from the acquisition of Neff Rental.

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