S&P ups Ashtead notes to B+

Standard & Poor's said it raised Ashtead Group plc's $550 million 9% second-lien notes due 2016 and $250 million 8.6% second-lien notes due 2015 to B+ from B and raised the recovery ratings to 5 from 6.

S&P said it upgraded the notes because two nonextendable tranches - $303 million revolving facility due August 2011 and $225 million term loan B due 2011 - will be repaid at their points of maturity.

The upgrade also reflects the borrowing base facility, which might not be fully drawn at the point of hypothetical default, the agency said.

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