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S&P affirms Ashtead Group
Standard & Poor's said it affirmed its BB- long-term corporate credit rating on Ashtead Group plc, following confirmation of the company's agreement to acquire NationsRent Cos. Inc. (B+/positive).
The outlook remains stable.
The agency noted that Ashtead has enough financial flexibility at the rating level to allow for the acquisition of NationsRent, based on the proposed £150 million commitment of equity that is integral to the transaction.
In addition, the affirmation reflects S&P's opinion that trading conditions in Ashtead's key North American markets will remain strong for at least the next 12 months.
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