Moody's affirms Sunstate

Moody's Investors Service said it affirmed the B3 rating of the second-priority senior secured notes of Sunstate Equipment Co., LLC and the company's B2 corporate family rating.

The outlook remains stable.

Moody's said the ratings incorporate a number of key expectations including that Sunstate will strengthen its debt protection measures as the U.S. construction market continues to grow, the company will not likely make any further member distributions beyond what is currently proposed and excess cash would be used for debt repayment.

Moody's said it believes at this time that Sunstate's asset-based facility provides adequate liquidity to absorb growth and seasonal working capital needs and to facilitate the remaining planned dividend.

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