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| Prospect News home > News index > List of issuers A > Headlines for Ashtead Capital, Inc. > News item |
Fitch rates Ashtead notes BBB-
Fitch Ratings said it assigned Ashtead Capital, Inc.'s planned benchmark-sized dual-tranche issues of senior unsecured notes expected BBB- ratings.
The notes will be guaranteed by Ashtead Group plc and their ratings are in line with Ashtead's BBB- long-term issuer default rating, reflecting an expectation of average recovery prospects, Fitch said.
The proceeds are expected to be used primarily to refinance two $600 million issues of senior unsecured notes, due 2025 and 2026, respectively.
“Fitch does not therefore expect the transaction to impact Ashtead's leverage and views the net maturity extension positively,” the agency said in a press release.
The outlook is stable.
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