S&P affirms Neff at B+

Standard & Poor's said it affirmed its ratings on Neff Corp., including the B+ corporate credit rating, and removed all ratings from CreditWatch.

The outlook is stable.

This action follows Odyssey Investment Partners' purchase of the company for $500 million, funded with a new $225 million asset-backed lending facility, $80 million of privately placed subordinated notes and a senior secured second-lien term loan of $245 million, the agency said.

S&P added that because the existing bank debt and existing subordinated debt are being redeemed, the ratings on those issues are being withdrawn.

The ratings reflect the company's weak business position in the cyclical equipment rental industry, its aging fleet and its aggressive financial profile, S&P said. However, the agency said Neff has held down its capital spending and generated positive free cash flow.

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