S&P assigns BBB- to Ashtead notes

S&P said it assigned its BBB- long-term issue rating to the planned benchmark senior unsecured notes to be issued by Ashtead Capital Inc., a 100% owned and controlled financing subsidiary of the Ashtead Group plc.

The long-term issuer credit rating on Ashtead Group is unchanged at BBB- with a stable outlook, reflecting the company's ongoing strong operating performance, S&P said in a press release.

Ashtead is expected to use the proceeds for general corporate purposes, including ongoing investment in its fleet, capital expenditure, and bolt-on acquisitions.

“We view this proposed issuance as in line with Ashtead's previously announced funding strategy,” the agency said in a press release.

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