S&P affirms United Rentals, ups loan

Standard & Poor's said it affirmed its BB- corporate credit rating on United Rentals Inc. and its major operating subsidiary United Rentals (North America) Inc. and removed all ratings from CreditWatch with negative implications.

The outlook is stable.

This action follows the termination by United Rentals of its previously announced merger agreement with affiliates of Cerberus Capital Management LP, the agency noted.

At the same time, S&P said it raised the rating on the company's senior secured facilities to BB+, two notches above the corporate credit rating, from BB-, due to a considerable paydown in the term loan since it was issued and the increased value of the company's fleet.

The recovery rating has been revised to 1 from 2, S&P said.

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