Moody's gives Baa3 to Ashtead notes

Moody's Investors Service said it assigned a Baa3 rating to Ashtead Capital, Inc.'s planned benchmark-sized dollar-denominated backed senior unsecured notes.

Parent Ashtead Group plc's Baa3 long-term issuer rating and the Baa3 rating on the outstanding notes issued by Ashtead Capital, Inc.'s remain unchanged.

The proceeds will be used to partially repay the draws from the company’s $4.5 billion asset-based lending facility. Moody’s said it considers the offering credit neutral.

The outlook is stable.

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