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S&P assigns Ashtead notes BBB-
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 rating aligns with those on Ashtead’s outstanding senior unsecured notes.
Ashtead is expected to use the proceeds for general corporate purposes, including ongoing investment in its fleet, capital expenditure, bolt-on acquisitions, and to repay some drawings under its asset-based facility. “We view this proposed issuance as in line with Ashtead's previously announced funding strategy,” the agency said in a press release.
The outlook is stable.
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