���������ֳ�

���������ֳ�-London/Frankfurt am Main-21 March 2024: ���������ֳ� has affirmed the Long-Term Issuer Default Ratings (IDRs) of Boels Topholding B.V. (BB-/Positive), Ashtead Group plc (BBB/Stable), Ren10 Holding AB (Renta; B+/Stable) and BCP V Modular Services Holdings III Limited (Modulaire; B/Stable) in its recent peer review of rated EMEA-based equipment leasing companies.

The Positive Outlook on Boels’ rating reflects its growing EBITDA base, improvements to leverage since its major acquisition of Cramo plc in 2020, and increasing funding diversification. A successful integration of Riwal through the recently announced sizeable acquisition, accompanied by continued deleveraging, could lead to an upgrade.

The relative resilience of lessors to the macroeconomic challenges, underpinned by consistent EBITDA generation and increasing penetration rates benefitting customer preference for leasing, support the Stable Outlooks on all other rated issuers.

���������ֳ� has a ‘deteriorating’ sector outlook for the European equipment leasing sector in 2024, largely because prolonged reduced economic activity could affect the demand for lessors’ equipment and weigh on revenue. However, rating headroom for rated lessors remains adequate as larger firms with greater geographical diversification, less reliance on the residential construction sector, and a more diverse inventory should be better-placed to cope with the challenging environment.

In the medium term, we believe lessors should benefit from lower inflation and a reduction in interest rates, easing the current pressure on profitability. In addition, lessors’ credit profile remain supported by often fixed-rate or hedged funding structures, long-dated funding profiles and – at least in the short-term – benefits related to asset price inflation as the bulk of inventories have been purchased at pre-inflation prices, supporting current rental rates.

Rating differentials mainly reflect ���������ֳ�’s assessment of the issuers' business profiles and leverage position. Larger, younger, and more diverse inventory portfolios are less sensitive to economic cycles and support higher ratings via greater stability of earnings. Scale benefits offer purchasing power with manufacturers and allow lessors to move equipment between locations for more efficient utilisation.

Issuer-specific rating action commentaries are available by clicking on the links below or at :

���������ֳ� Affirms Ashtead at 'BBB'; Outlook Stable (March 2024)
Boels���������ֳ� Affirms Boels at 'BB-'; Outlook Positive (March 2024)
���������ֳ� Affirms Ren10 Holding at 'B+', Outlook Stable (March 2024)
���������ֳ� Affirms Modulaire at 'B'; Outlook Stable (March 2024)





Contact:

Ilya Makunin
Associate Director
+49 69 768076 169

���������ֳ� – a branch of ���������ֳ� Ireland Limited
Neue Mainzer Strasse 46-50
D-60311 Frankfurt am Main

David Pierce
Director
+44 20 3530 1014






Media Relations: Matthew Pearson, London, Tel: +44 20 3530 2682, Email: matthew.pearson@thefitchgroup.com

Additional information is available on


All ���������ֳ� (���������ֳ�) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: /understandingcreditratings. In addition, the following /rating-definitions-document details ���������ֳ�'s rating definitions for each rating scale and rating categories, including definitions relating to default. Published ratings, criteria, and methodologies are available from this site at all times. ���������ֳ�'s code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the Code of Conduct section of this site. Directors and shareholders’ relevant interests are available at /site/regulatory. ���������ֳ� may have provided another permissible or ancillary service to the rated entity or its related third parties. Details of permissible or ancillary service(s) for which the lead analyst is based in an ESMA- or FCA-registered ���������ֳ� company (or branch of such a company) can be found on the entity summary page for this issuer on the ���������ֳ� website.
In issuing and maintaining its ratings and in making other reports (including forecast information), ���������ֳ� relies on factual information it receives from issuers and underwriters and from other sources ���������ֳ� believes to be credible. ���������ֳ� conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of ���������ֳ�'s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of ���������ֳ�'s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information ���������ֳ� relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to ���������ֳ� and to the market in offering documents and other reports. In issuing its ratings and its reports, ���������ֳ� must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed.
The information in this report is provided 'as is' without any representation or warranty of any kind, and ���������ֳ� does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A ���������ֳ� rating is an opinion as to the creditworthiness of a security. This opinion and reports made by ���������ֳ� are based on established criteria and methodologies that ���������ֳ� is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of ���������ֳ� and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. ���������ֳ� is not engaged in the offer or sale of any security. All ���������ֳ� reports have shared authorship. Individuals identified in a ���������ֳ� report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a ���������ֳ� rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of ���������ֳ�. ���������ֳ� does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. ���������ֳ� receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, ���������ֳ� will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by ���������ֳ� shall not constitute a consent by ���������ֳ� to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, ���������ֳ� research may be available to electronic subscribers up to three days earlier than to print subscribers.
For Australia, New Zealand, Taiwan and South Korea only: ���������ֳ� Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by ���������ֳ� is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.
���������ֳ�, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the 'NRSRO'). While certain of the NRSRO's credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see /site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the 'non-NRSROs') and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

Copyright © 2024 by ���������ֳ�, Inc., ���������ֳ� Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved.