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

Standard & Poor's  
Long termBBB-(stable outlook)
Long termBaa3(stable outlook)
Long termBBB(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 financeFacilities availableMaturity
Asset-based first priority secured bank debt$4,500m2026

Senior notes

Issue PrincipalCouponMaturityAmount in issueCoupon date*
$550m1.500%2026$550m12 February / 12 August
$600m4.375%2027$600m15 February / 15 August
$600m4.000%2028$600m1 May / 1 November
$600m4.250%2029$600m1 May / 1 November
$750m2.450%2031$750m12 February/ 12 August
$750m5.500%2032$750m11 February/ 11 August
$750m5.550%2033$750m30 May /30 November
$750m5.950%2033$750m15 April / 15 October
$850m5.800%2034$850m15 April / 15 October

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

As at 31 January 2024, the Group had net debt of $11,166 million.