Moody's ups Ashtead notes to B1

Moody's Investors Service said it upgraded Ashtead Group plc's corporate family rating to Ba2 from Ba3 and the probability of default rating to Ba2-PD from Ba3-PD.

Moody's also upgraded to B1 from B2 the rating of the $500 million senior secured notes due 2022 issued by Ashtead Capital, Inc.

The outlook is stable.

Moody's said the upgrade reflects the sustained strong improvement in Ashtead's operating performance driven by both volume and yield growth predominantly supported by stabilization in its U.S. markets.

The rating action also recognizes the company's balance sheet strength supported by solid fleet management and timely investment helping drive profitability, in conjunction with its revised publicly-stated financial policy, the agency said.

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