Credit ratings and debt information

Current credit ratings for Ashtead Group plc are set out in the table below:

Funding and liquidity

The Group funds its operations through a mixture of equity and debt. Debt facilities include bank and capital markets borrowings.

The Group targets leverage in the range of 1.0 to 2.0 times net debt to EBITDA (excluding IFRS 16) over the econonic cycle.

The table below summarises the main facilities available:

Available finance	Facilities available	Maturity
Asset-based first priority secured bank debt	$4,750m	2029

Issue Principal	Coupon	Maturity	Amount in issue	Coupon date*
$550m	1.500%	2026	$550m	12 February / 12 August
$600m	4.375%	2027	$600m	15 February / 15 August
$600m	4.000%	2028	$600m	1 May / 1 November
$600m	4.250%	2029	$600m	1 May / 1 November
$750m	2.450%	2031	$750m	12 February/ 12 August
$750m	5.500%	2032	$750m	11 February/ 11 August
$750m	5.550%	2033	$750m	30 May /30 November
$750m	5.950%	2033	$750m	15 April / 15 October
$850m	5.800%	2034	$850m	15 April / 15 October

* The coupon is paid by the Company to the trustee of the bond on the date show above.

As at 31 October 2024, the Group had net debt of $10,945 million.