Fitch: No Effect on United Rental's Ratings After Delayed 10-K Filing

Business Wire, March 15, 2005

NEW YORK -- United Rentals, Inc. (URI) announced yesterday morning that the company will delay finalizing its 2004 results and filing its Report on Form 10-K to allow additional time to review matters relating to the previously announced Securities and Exchange Commission (SEC) fact-finding inquiry. The company believes this delay will extend beyond the Form 10-K due date, including the 15-day extension period. This delay will also give the company time to complete work on the income tax restatement, and its evaluation and testing of internal controls and other items. As part of this process, URI will need to secure waivers from its lenders, a process that Fitch believes the company will be successful in achieving at little or no cost.

Fitch believes that the delay in URI's 10-K filing will have no impact on the company's current ratings, which are:

United Rentals, Inc.

-- Subordinated debt 'B'.

United Rentals, Inc. (North America)

(Guaranteed by United Rentals, Inc.)

-- Senior secured debt 'BB';

-- Senior unsecured debt 'BB-';

-- Subordinated debt 'B'.

During its earnings conference call on March 14, 2005, management provided additional information regarding URI's 2004 results and guidance for 2005. Specific highlights include record total revenues of $3.1 billion, cash flow from operations of $761 million, and free cash flow of $385 million. Additionally, rental rates increased by 7.5% in 2004, the first annual increase for several years. Fitch also notes that URI's unrestricted cash balance increased significantly to $302 million at Dec. 31, 2004, up from $79 million at Dec. 31, 2003. In Fitch's view, the increase in cash, although not necessarily related to the SEC inquiry, provides management with additional financial flexibility in the event of an adverse decision.

For 2005, URI's gross revenues are projected to increase to $3.4 billion, driven in part by a 5% increase in rental rates and the addition of 30 to 35 new rental locations along with a 25% increase in contractor supplies revenue. Fitch believes that company's revenue projection is realizable given the existing momentum in its business and domestic economy.

Based in Greenwich, CT, URI is the largest equipment rental company in North America as measured by equipment fleet, revenue, and store locations.