Moody’s turns Herc view to positive

Moody’s said it revised its outlook for Herc Holdings Inc. to positive from stable and affirmed the Ba3 corporate family rating, Ba3-PD probability of default rating and B1 senior unsecured rating. The agency also raised the speculative grade liquidity rating to SGL-2 from SGL-3.

“The positive outlook reflects Moody's expectation that Herc will grow the topline to about $2.5 billion of revenue over the next 12-18 months while deleveraging, such that debt to EBITDA declines to below 2.5 times,” Moody’s said in a press release.

Herc's improved speculative grade liquidity rating reflects the forecast it will maintain good liquidity, the agency said. At Dec. 31, the company had $1.27 billion of availability on a $1.75 billion asset-based lending facility due July 2024.

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