Fitch rates Ashtead notes

Fitch Ratings said it assigned Ashtead Capital, Inc.'s planned benchmark-sized issue of senior unsecured notes an expected BBB rating. Ashtead Group plc will guarantee the notes.

The ratings are in line with Ashtead's BBB issuer rating, reflecting the expectation of average recovery prospects, the agency said.

Ashtead is expected to use the proceeds primarily to repay equivalent amounts drawn under the asset-based lending facility. “Fitch does not therefore expect the transaction to impact Ashtead's leverage,” the agency said in a press release.

The outlook is stable.

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