Moody’s boosts Williams Scotsman

Moody’s Investors Service said it upgraded Williams Scotsman International Inc.’s corporate family rating to B1 from B2 and confirmed its senior secured rating at B3, concluding the review for upgrade started on March 3. The outlook is stable.

The actions follow the closing of the merger on Wednesday between WillScot Corp., the corporate parent of Williams Scotsman, and Mobile Mini, Inc., Moody’s said.

“The upgrade of the corporate family rating to B1 from B2 reflects Moody’s assessment that Williams Scotsman’s credit profile has improved following the closing of its merger with Mobile Mini, as reflected in an increase of its standalone assessment to b1 from b2. Moody’s expects that the combined entity will have stronger profitability and lower leverage (as measured by Debt / EBITDA) than Williams Scotsman,” the agency said in a press release.

The outlook reflects the expectation Williams Scotsman will continue to improve its profitability and leverage over the next 12-18 months, Moody’s said.

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