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S&P drops Neff
Standard & Poor's said it lowered its corporate credit ratings on Neff Corp., and subsidiary Neff Rental Inc., to SD from CC.
The agency said it also lowered the issue-level rating on Neff's 10% senior notes due 2015 to D from C.
At the same time, the agency said it removed the ratings from Creditwatch, where they were placed with negative implications on Nov. 18. In addition, the agency said it withdrew its recovery rating on the senior notes.
"The downgrade follows the company's announcement that about $196 million aggregate principal amount of the senior notes, representing 85% of the outstanding senior notes, were validly tendered," said credit analyst Helena Song.
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