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On March 19 2024 Fitch Ratings has affirmed Boels’ credit rating of BB-. The Outlook is Positive.
Boels’ rating reflects its franchise as Europe’s second-largest equipment rental company, its experienced management team and its demonstrated capacity to manage capex through varying economic conditions such as the pandemic and the higher interest rate. It also takes into account the integration of Boels’ recently announced acquisition of aerial work platform (AWP) provider Riwal while maintaining sufficient asset utilisation across the enlarged fleet to service the associated debt funding.