Summary: Neff Rental LLC Jul 11

Standard & Poors, July 2011

Abstract
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.
Action: Review

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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.

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