Summary: H&E Equipment Services Inc. Feb 13

Standard & Poors, February 2013

Abstract
The ratings on Baton Rouge, La.-based H&E Equipment Services Inc. reflect the company's "weak" business risk profile as a participant in the cyclical, highly competitive, and fragmented equipment rental sector. Standard & Poor's Ratings Services expects H&E to continue to benefit from positive trends in the equipment rental industry and reduce leverage to approach 3x total debt to EBITDA by the end of 2013 from the current level of about 4x. Our forecast assumes the following: Real nonresidential construction grows about 7% in 2013, slowing slightly from our forecast of 9% in 2012; The price of oil remains at a level at which energy-related activity remains stable; Contractors tend to rent versus buy equipment because of market uncertainty; EBITDA margins...

Companies mentioned in this report are:
- H&E Equipment Services Inc.

Action: Review

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.

- H&E Equipment Services Inc.

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