Moody's lifts Onsite Rental view to stable

Moody's Investors Service said it affirmed Onsite Rental Group's Caa1 corporate family rating and changed the outlook to stable from negative.

Moody's also said it will withdraw the rating of Onsite Rental on the next business day.

The outlook revision reflects the improved operating environment in the Australian equipment rental sector, the agency said, as well as the corporate restructuring that improved the group's leverage.

Moody's said it expects the adjusted debt-to-EBITDA ratio for the group will remain at lower than 5.5x, the maximum tolerance for the rating.

The agency also said it decided to withdraw the ratings for business reasons.

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