Moody’s gives Baa3 to Ashtead notes

Moody's Investors Service said it assigned a Baa3 rating to Ashtead Capital, Inc.'s planned benchmark-sized dollar-denominated backed senior unsecured notes.

The issuer is a unit of Ashtead Group plc. The group’s Baa3 long-term issuer rating and the Baa3 rating on existing backed senior unsecured notes issued by Ashtead Capital are unaffected.

The proceeds will be used to partially repay the company's $4.5b billion asset-based lending revolver credit facility drawings

The outlook remains stable.

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