S&P ups WillScot Mobile Mini

S&P said it upgraded WillScot Mobile Mini Holdings Corp. (previously WillScot Corp.) to BB- from B+ and removed all of its ratings on the company from CreditWatch, where the agency placed them with positive implications on March 4. The outlook is stable.

S&P also raised the ratings to B+ from B on the company's $490 million of senior secured notes due 2023 and $650 million of senior secured notes due 2025. The recovery rating on the notes is unchanged at 5 (10%-30%; rounded estimate: 20%).

The upgrade follows the completion of WillScot and Mobile Mini Inc.’s merger. “The upgrade reflects the combined entity's stronger financial risk profile, which we now assess as significant compared with the previous aggressive,” S&P said in a press release.

S&P also downgraded the ratings on Mobile Mini, including the issuer credit rating on the company, to BB- from BB and removed all ratings from CreditWatch, where it placed them with negative implications on March 4. Subsequent to this, the agency will pull all its ratings on Mobile Mini, including on the debt that was redeemed as a result of the merger.

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