Moody's lowers Sunstate

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Sunstate Equipment Rental Co., LLC to B2 from B1.

In addition, the ratings on Sunstate's 10.5% senior second-lien notes due 2013 have been downgraded to Caa1 LGD 5 from B3 LGD 5, the agency said.

The outlook is negative.

Moody's noted that the downgrades reflect the company's small size, regional concentration and significant deterioration in operating performance that began in the second half of 2007 with weakening construction markets of the Southwestern Unites States.

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