Fitch rates Ashtead notes BBB

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

Parent Ashtead Group plc will guarantee the notes, and the rating is in line with Ashtead's BBB long-term issuer default rating, reflecting an expectation of average recovery prospects, the agency said.

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

The outlook is stable.

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