Fitch assigns Ashtead notes BBB-

Fitch Ratings said it assigned Ashtead Capital, Inc.’s proposed issues of second-priority senior secured notes due 2028 and 2029, totaling $1 billion in aggregate, expected ratings of BBB-.

“The notes will be fully and unconditionally guaranteed by Ashtead Group plc (Ashtead, BBB-/Stable), and their ratings are in line with Ashtead’s BBB- long-term issuer default rating, indicating Fitch’s expectation of average recovery prospects,” the agency said in a press release.

Proceeds will be used for to refinance $500 million of existing second- priority senior secured notes due 2024, and the remainder to reduce drawings under the ABL facility.

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