S&P ups NES Rentals

Standard & Poor's said it raised the corporate credit rating on NES Rentals Holdings Inc. to B from B- and upgraded the rating on its remaining second-lien term loan due 2013 to CCC+ from CCC. The agency affirmed the CCC+ rating on the company's new $150 million senior secured second-lien notes due 2015. The recovery rating on the second-lien debt is 6, indicating an expectation of 0% to 10% recovery in a default.

The ratings were removed from CreditWatch positive, and the outlook is stable.

The CreditWatch removal follows the company's completion of its $150 million senior secured second-lien notes issuance, the extension and amendment on its existing asset-backed loan revolving credit facility and the amendment of its second-lien term loan, which includes the elimination of financial covenants, the agency said.

S&P said it believes the refinancing and the amendments of the revolving credit facility improved the company's liquidity position and debt maturity profile.

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