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S&P downgrades HSS Hire, notes
S&P said it lowered the long-term corporate credit ratings on HSS Hire Group plc and its 100% owned subsidiary HSS Financing plc to B+.
The outlook is stable.
At the same time, the agency downgraded the issue rating on the group's outstanding £136 million senior secured fixed-rate notes due 2019 to BB- from BB. The recovery rating is unchanged at 2, indicating an expectation for a substantial (70%) recovery in the event of a payment default.
HSS Financing completed the restructuring of its logistics network, but S&P said it expects difficult market conditions and aggressive competition to continue to weigh on gradually improving profitability. As such, it expects HSS Financing’s credit metrics to be at a level more commensurate with a B+ rating level going forward.
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