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BULLETIN: GATX Corp. Reduces Quarterly Dividend; Ratings and Outlook Not Affected Jan 04
Standard & Poors, Jan 2004
Abstract
NEW YORK (Standard & Poor's) Jan. 30, 2004--GATX Corp. (BBB-/Stable/A-3) announced today that its Board declared a quarterly dividend reduction of 37.5%. Standard & Poor's Ratings Services said its ratings and outlook on GATX are not affected. The company said that, while its cash flow and liquidity remain strong, the rate of its earnings recovery is likely to be gradual. The lower dividend will allow the company to accelerate ongoing debt reduction and invest in its businesses. In addition, GATX announced 2003 earnings of $76.9 million versus $300,000 in 2002, including special items in both years. GATX ended the year with $212 million of unrestricted cash and a $400 million reduction in balance sheet debt (including nonrecourse debt). As a...
Companies mentioned in this report are: GATX Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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