Credit ratings and debt information
Current credit ratings for Ashtead Group plc are set out in the table below:
| Standard & Poor's | ||
|---|---|---|
| Long term | BBB- | (stable outlook) |
| Moody's | ||
| Long term | Baa3 | (positive outlook) |
| Fitch | ||
| Long term | BBB | (stable outlook) |
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 |
Senior notes
| 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 July 2025, the Group had net debt of $10,268 million.
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Ashtead Group plc
100 Cheapside
London
EC2V 6DT
Phone: + 44 (0) 20 7726 9700
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