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)|
|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||$4,500m||2026|
|Issue Principal||Coupon||Maturity||Amount in issue||Coupon date*|
|$550m||1.5%||2026||$550m||12 February / 12 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|
|$750m||2.45%||2031||$750m||12 February/ 12 August|
* The coupon is paid by the Company to the trustee of the bond on the date show above.
As at 31 January 2022, the Group had net debt of $6,894 million.