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S&P assigns BBB to GATX
Standard & Poor's said it assigned its BBB issue rating to GATX Corp.'s senior unsecured notes.
The issue is a drawdown under a Rule 415 shelf registration.
Proceeds will be used for debt reduction and general corporate purposes, including working capital and capital expenditures.
S&P said the ratings reflect GATX’s position as a major tank car lessor in North America. Tank car leasing is a business that benefits from relatively consistent tank car lease demand and long-term leases and contracts that produce relatively stable cash flow.
However, the agency said, the ratings also incorporate the company's fairly high debt leverage relative to its peers and the less-predictable revenue and earnings in its Portfolio Management and American Steamship Co. segments.
S&P characterizes GATX's business risk profile as "satisfactory," its financial risk profile as "intermediate" and its liquidity as "adequate" under the criteria.
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