Standard & Poor’s Ratings Services last week affirmed its ratings on NES Rentals Holdings, including its B+ corporate credit rating. All ratings were removed from CreditWatch with negative implications. Ratings were originally placed on CreditWatch on February 22.

S&P’s also assigned its B- secured bank loan rating to NES’ proposed $430 million second-lien term loan facility due in seven years. A recovery rating of 4 was assigned, indicating marginal prospects for recovery following repayment of the entire principal amount of the unrated $450 million first-lien revolving ABL facility in the event of a default. Ratings on the existing second-lien term loan will be withdrawn when the deal closes this month.

The outlook is stable. NES had total volume of $581.8 million in 2005, with debt outstanding of about $430 million.

“The affirmation reflects our view that NES’ credit profile will remain within metrics commensurate for the existing rating, and the expectations that the company will continue to demonstrate financial and operational discipline,” said S&P’s credit analyst John Sico.

NES recently signed a definitive agreement to sell the company to an affiliate of Diamond Castle Holdings LLC, a private equity firm, in a transaction valued at $850 million.

Based in Chicago, NES Rental is No. 7 on the RER 100.