S&P affirms Ashtead notes

Standard & Poor's said that it affirmed the B+ rating on Ashtead Group plc's $250 million and $550 million of second-lien notes due 2015 and 2016, respectively. The recovery rating on these notes is 5, indicating the expectation of modest (10%-30%) recovery in the event of a payment default.

S&P considers that Ashtead would be reorganized rather than liquidated in the event of default, the agency said. However, the enterprise value would be closely correlated to asset values.

The recovery ratings assume 80% availability and drawdowns under the asset-backed loan facility, the agency added.

© 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.