Fitch affirms Ashtead

Fitch Ratings said it affirmed Ashtead Group plc's long-term issuer default rating at BBB- with a stable outlook.

Fitch also affirmed the second priority senior secured notes issued by Ashtead Capital, Inc. and fully and unconditionally guaranteed by Ashtead at BBB-.

“Ashtead's long-term issuer default rating reflects the company's well-established position in the equipment rental sector, which has driven strong profitability in the post-crisis period, at an acceptable level of cash flow leverage,” the agency said in a news release.

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