CRH plc has announced it has established a euro commercial paper (ECP) programme, under which its wholly-owned subsidiaries CRH Finance DAC and CRH France (UK) plc may issue from time to time unsecured short-term euro commercial paper notes through appointed dealers up to a maximum aggregate amount outstanding at any time of EUR1.5bn.

The notes will be guaranteed by CRH plc and sold to investors outside the US. The programme adds flexibility to the company’s short-term funding options and complements the US commercial paper programme launched last year.

The ECP programme has been assigned short-term ratings of A-2+ by Standard & Poor’s Credit Market Services Europe Ltd (S&P), Prime 2 (P-2) by Moody’s Deutschland GmbH and F2 by Fitch Ratings Ltd.