S&P boosts Ashtead, rates notes B

Standard & Poor's said it raised its long-term corporate credit rating on Ashtead Group PLC to BB- from B+ following the successful completion of the group's recapitalization. The outlook is stable.

At the same time, S&P said it assigned its B debt rating to the 10-year, $250 million second-lien notes issued by Ashtead Holdings plc and guaranteed by Ashtead.

All ratings have been removed from CreditWatch with positive implications where they were placed on July 7, following the announcement of the recapitalization transactions, S&P said.

The agency said the upgrade reflects its view that the combined transactions benefit Ashtead's credit profile through improved leverage and an extended debt maturity profile.

S&P noted the ratings on Ashtead reflect the limited forward visibility of demand and our expectation that the group will retain limited free cash flows.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.