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S&P Global Ratings upgraded United Rentals’ issuer credit rating to investment grade, raising it to BBB- from BB+, citing disciplined financial management, sustained cash flow generation, and lower leverage. The agency also upgraded the company’s unsecured debt rating to BBB- and affirmed its senior debt rating at BBB-, with a stable outlook reflecting expectations for resilient operating performance across market cycles.
The upgrade highlights United Rentals’ ability to maintain leverage around 2x while funding strategic growth and share buybacks. Its scale and expanding specialty-equipment business provide a buffer against potential cyclical downturns in nonresidential construction. The company has generated more than $1.5 billion in annual operating free cash flow over the past five years, while S&P expects revenue to grow 8%–10% annually through 2027, driven by major U.S. infrastructure projects and data-center construction.
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