Research Update: France's Loxam Assigned 'BB-' Rating With Stable Outlook; ?300 Mil Seven-Year Bond Rated 'B', Recovery Rating '6' Feb 13

  • ID: 2417616
  • February 2013
  • Region: France
  • Standard & Poors
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In January 2013, privately-owned French equipment rental company Loxam SAS issued a ?300 million subordinated unsecured seven-year bond to fund the growth of its business, including possibly through acquisitions for a maximum of ?150 million. A syndicate of banks also granted Loxam a ?75 million revolving credit facility. The final documentation on the bond and new revolving credit facility match the documents we reviewed when assigning our preliminary 'BB-' long-term rating to Loxam on Jan. 15, 2013. We are therefore assigning our 'BB-' long-term rating to Loxam, and our 'B' issue rating and '6' recovery rating to its ?300 million bond. The stable outlook reflects our view that Loxam should be able to maintain credit ratios commensurate with the company's...

Companies mentioned in this report are:
- Loxam SAS

Action: New Rating
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Loxam SAS

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