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Fitch assigns long-term issuer default rating to equipment rental firm Ashtead

Fitch Ratings assigned U.K. equipment rental company Ashtead Group PLC a BBB- long-term issuer default rating, with a stable outlook.

The rating agency said the BBB- rating reflects the company's well-established and scalable franchise in the equipment rental sector particularly in the U.S., strong postcrisis profitability, acceptable cash flow leverage and robust asset valuations.

Since Ashtead's rental assets are subject to market value movements over their multiyear periods of ownership, impairment or residual value risk could arise if Ashtead's depreciation policies were not appropriately strict, according to Fitch.