S&P rates HERC Holding notes B+

S&P said it assigned its B+ issue-level rating and 4 recovery rating to HERC Holdings Inc.'s proposed $1 billion senior unsecured notes due 2027.

The 4 recovery rating indicates an expectation for average recovery (30%-50%; rounded estimate: 30%) in the event of a payment default.

“We expect that the company will use the proceeds from these notes to repay outstanding debt. The company is issuing the notes under Rule 144A,” S&P said in a news release.

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