S&P revises Ashtead view to positive

S&P said it revised to positive from stable its outlook on Ashtead Group plc and affirmed the BB+ long-term issuer credit rating on the company.

S&P also affirmed its BBB- issue rating on the group's second-lien debt. The recovery rating on this debt is unchanged at 2, indicating an expectation of substantial recovery (70%-90%; rounded estimate: 80%) in the event of a payment default.

“The outlook revision reflects the possibility of an upgrade in the next 12-18 months if Ashtead maintains its sustained and resilient performance on the back of favorable fundamentals in the U.S. equipment rental market, resulting in continued growth and stable profitability,” S&P said in a news release.

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