Moody's upgrades Ashtead

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

Concurrently, Moody's affirmed the B2 rating of Ashtead Capital Inc.'s $550 million senior secured notes due 2016.

The outlook is stable.

"The upgrade reflects the improvement in Ashtead's operating performance driven by both volume and yield despite weak end markets," Moody's lead analyst for Ashtead Sebastien Cieniewski said in a news release.

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