Moody's upgrades Ashtead

Moody's Investors Service said it upgraded Ashtead Group plc's corporate family rating to Ba3 from B1.

Moody's also upgraded the ratings on Ashtead's senior secured credit facilities to Ba2 (LGD2, 28%) from Ba3, and the $250 million second-priority secured notes due 2015 and the $550 million second-priority secured notes due 2016 to B1 (LGD5, 78%) from B3.

The outlook is stable.

The rating actions follow the release of Ashtead's 2007 financial accounts which showed substantial progress on integrating the NationsRent acquisition and a material decline in the business risk profile, together with improved financial credit metrics for the full year, Moody's said.

The rating upgrades also are underpinned by the company's robust market positions in both the United States and the United Kingdom, the agency said.

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