Fitch rates Ashtead BBB-

Fitch Ratings said it assigned Ashtead Group plc a long-term issuer default rating of BBB-.

At the same time, the agency assigned a long-term rating of BBB- to the second priority senior secured notes issued by Ashtead Capital, Inc. and fully and unconditionally guaranteed by Ashtead.

The outlook is stable.

Fitch said the long-term issuer default rating reflects the company's well-established and scalable franchise in equipment rental, strong post-crisis profitability, acceptable cash flow leverage and robust asset valuations.

The rating also takes into account the relative cyclicality of the U.S. and U.K. construction sectors and the company's well-managed but wholesale market-dependent and secured funding profile, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.