S&P assigns Ashtead notes BBB-

S&P said it assigned a BBB- long-term issue rating to Ashtead Capital Inc.’s planned benchmark senior unsecured notes. The issuer is a 100% owned and controlled financing subsidiary of the Ashtead Group plc.

“We rate the debt BBB-, in line with the issuer credit rating. We calculate Ashtead's secured debt ratio at about 31% based on the latest financial statements of April 30, 2023, which is below the 50% threshold we consider when determining subordination, which would normally result in the rating on the bond being one notch lower than our issuer credit rating on the issuer,” the agency said in a press release.

Ashtead is expected to use the proceeds for general corporate purposes, including ongoing investment in its fleet, capital expenditure, bolt-on acquisitions and to repay some drawings under its asset-based facility.

The outlook is stable.

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