Moody's ups Williams Scotsman

Moody's Investors Service said it upgraded to Ba3 from B1 Williams Scotsman International Inc.'s corporate family rating and raised the company's senior secured rating to B2 from B3.

The agency also revised Williams Scotsman's outlook to stable from under review. The rating actions conclude the review for upgrade initiated on Sept. 23.

“Moody's said the upgrade of Williams Scotsman's ratings reflects the company's improved financial profile, including stronger profitability and lower leverage. The company's ratings also reflect its strong franchise position as the largest lessor for modular space and portable solutions in North America,” the agency said in a press release.

The company's net income to average managed assets, increased to 4.3% for 2020 and 2.9% in the first nine months of 2021, from a 3.9% loss for 2019, Moody's noted.

The outlook reflects the expectation the company will sustain its solid profitability and will likely lower its leverage moderately over the next 12-18 months as it repays debt and increases its EBITDA, the agency said.

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