Moody's: Ashtead notes B2

Moody's Investors Service said it assigned a provisional B2 rating to the $500 million of second-priority senior secured notes maturing in June 2022 to be issued by Ashtead Capital, Inc., a subsidiary of Ashtead Group plc.

Ashtead intends to use the proceeds from the notes, together with drawings under the first-priority senior secured revolving credit facility, to refinance the outstanding $550 million of second-priority senior secured notes due 2016, the agency said.

Concurrently, Moody's said it has affirmed Ashtead's corporate family rating at Ba3. The outlook remains stable.

Ashtead's Ba3 rating is supported by the company's continued strong positions in the American and British markets, solid fleet management along with timely investment and stable liquidity profile.

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