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Rating Action:

Moody's stabilizes NES' rating outlook

Global Credit Research - 14 May 2010

Approximately $232 million of rated debt affected

New York, May 14, 2010 -- Moody's Investors Service has changed the rating outlook of NES Rentals Holdings, Inc. ("NES") to stable from negative. The company's Caa1 corporate family and probability of default ratings, and the Caa2 ratings of NES' $82 million second lien term loan due 2013 and $150 million second lien notes due 2015 have been affirmed.

The stable outlook along with the Caa1 corporate family rating reflect an improved liquidity profile against slim interest coverage metrics and a still challenging equipment rental outlook. Along with its recent issuance of $150 million 12.25% second lien notes due 2015, NES amended its second lien term loan credit agreement, removing a leverage ratio maintenance covenant test that would have been challenging. As well the company extended its asset-based revolving credit facility expiration date to 2014 from 2011. These changes better position NES to weather the non-residential construction activity decline, which we expect should abate in 2011. Still, the primary demand growth rate that resumes in 2011 will likely be far from the strong levels that followed the 2001 recession, and rental pricing increases should remain muted. NES' issuance of $150 million 5-year, second lien notes -- instead of the $250 million, 7-year notes discussed in our previous press release -- left $82 million second lien term loan due 2013 outstanding instead of repaid. The Caa1 encompasses that the interest burden rose from the transaction and that a significant retained deficit should develop before operating income again exceeds interest costs. The adequate liquidity profile adds confidence that default potential should not escalate with higher balance sheet leverage upcoming.

The ratings are:

Corporate family, probability of default affirmed at Caa1

$82 million second lien term loan due July 2013 affirmed at Caa2, LGD 5, to 77% from 78%

$150 million second lien notes due April 2015 affirmed at Caa2, LGD 5, 77% (previously discussed as $250 million, due 2017)

Moody's last rating action occurred March 23, 2010 when NES' Caa1 probability of default rating was affirmed. For further information please refer to the credit opinion on moodys.com. The principal methodology used in rating NES was Global Equipment & Auto Rental, published in August 2007, which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating NES can also be found in the Rating Methodologies sub-directory on Moody's website.

NES Rentals Holdings, Inc., based in Chicago, Illinois and majority-owned by Diamond Castle Investments, is an equipment rental company in the U.S. Revenues for 2009 were approximately $300 million.

New York
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Bruce Herskovics
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's stabilizes NES' rating outlook
No Related Data.
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