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S&P cuts HSS Hire, notes
S&P said it lowered its long-term corporate credit rating on HSS Hire Group plc and its 100%-owned subsidiary HSS Financing plc to B from B+.
The outlook is negative.
At the same time, the agency lowered the issue rating on the group's outstanding £136 million senior secured fixed-rate notes due 2019 to B+ from BB- with the recovery rating unchanged at 2, indicating an expectation for a substantial (70%-90%, rounded estimate: 70%) recovery in the event of a payment default.
“HSS Hire continues to proactively adapt its distribution model/footprint and streamline its cost base. Management remains focused on driving sales and raising profitability through operational transformation and improvements in working capital,” S&P said in a news release.
“However, following weaker-than-expected half year results, we have lowered our expectations for fiscal 2017.”
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