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- (negative outlook)
Long term Baa3 (stable outlook)
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 1.5 to 2 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  $4,100m 2023


Coupon Maturity Amount
in issue
Coupon date*
Second priority $600m 4.125% 2025 $600m 15 February / 15 August
senior secured notes $600m 5.25% 2026 $600m 1 February / 1 August
  $600m 4.375% 2027 $600m 15 February / 15 August
  $600m 4.00% 2028 $600m 1 May / 1 November
  $600m 4.25% 2029 $600m 1 May / 1 November

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

As at 31 January 2020, the Group had net debt of £5,443 million.

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