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Summary: Neff Rental LLC Jul 11
Standard & Poors, July 2011
The ratings on Neff Rental LLC reflect Standard & Poor's Ratings Services' assessment of the company's weak business risk profile as a regional construction equipment rental provider and its aggressively leveraged financial risk profile. Neff is a successor company to Neff Rental Inc., now owned by financial sponsor Wayzata Investment Partners. Neff used the proceeds from recent note offering to repay its unrated asset-based loan (ABL) credit facility and to fund a return of capital to the sponsor. Neff operates mainly in the Sun Belt through about 63 locations in 14 states and focuses on earth-moving equipment. The highly fragmented and competitive equipment rental industry is closely tied to the construction spending cycle. Nonresidential construction spending declined significantly during the...
Companies mentioned in this report are: Neff Rental LLC,Neff Rental Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Neff Rental LLC,Neff Rental Inc.