S&P rates Onsite Rental loan B

Standard & Poor’s said it assigned its B issuer credit rating to Onsite Rental Group Pty Ltd. The outlook is stable.

At the same time, S&P assigned a B issue credit rating and recovery rating of 3 to Onsite Rental Group’s US$320 million first-lien senior secured term loan B.

S&P said the B issuer credit rating on Onsite Rental Group reflects its view of the company’s business risk profile as “weak” and its financial risk profile as “aggressive.”

The issue rating on the first-lien senior secured U.S. term loan B of B and recovery rating 3 reflect an expectation of “meaningful” recovery prospects (50%-70%) in the event of default, the agency said.

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