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S&P: Ashtead on positive watch
Standard & Poor's said it placed its BB- $675 million ABL facility, B+ corporate credit and other ratings on Ashtead Group plc on CreditWatch with positive implication.
At the same time, the 1 recovery rating on the group's ABL facility is affirmed following the announcement of an intended recapitalization via an equity placement of about £70 million, the agency noted.
The CreditWatch placement reflects Standard & Poor's belief that Ashtead's credit risk profile will substantially benefit from the successful execution of both transactions, S&P said.
The agency said it views the proposed recapitalization as a commitment from management to adhere to a more moderate financial risk profile.
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