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 1.5 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	1.500%	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

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

As at 31 July 2023, the Group had net debt of $9,679 million.