Cooper Equipment Rentals Limited: Rating Report

On June 24, 2024, Morningstar DBRS assigned a Long-Term Issuer Rating of BB with Stable trend to Cooper, reflecting an Intrinsic Assessment of BB and a Support Assessment of SA3. Morningstar DBRS also assigned a provisional Long-Term Senior Debt credit rating of BB (low), which was subsequently finalized on July 4, 2024. This one-notch differential reflects Cooper's substantial balance sheet encumbrance, as the vast majority of assets are pledged under the ABL Facility.