S&P boosts Williams Scotsman

Standard & Poor's said it raised its ratings on Williams Scotsman Inc., including the corporate credit rating to BB- from B and removed the ratings from CreditWatch with positive implications, where they were placed on May 2.

The agency noted the rating actions follow Williams Scotsman's successful completion of a $245 million IPO on Sept. 19 and the company's financial profile has improved.

S&P said ratings on Williams Scotsman Inc. reflect its weak but improved financial profile, pro forma for its recapitalization.

ratings also incorporate the company's strong market position in the leasing of mobile office units, a business that has tended to be somewhat recession-resistant, the agency added.

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