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GATX Corp.'s $115 Million Convertible Notes Rated 'BBB-' Aug 03 Product Image

GATX Corp.'s $115 Million Convertible Notes Rated 'BBB-' Aug 03

  • ID: 1826630
  • August 2003
  • Standard & Poors

FEATURED COMPANIES

  • GATX Corp.
  • GATX Financial Corp.
  • MORE

Abstract
NEW YORK (Standard & Poor's) Aug. 11, 2003--Standard & Poor's Ratings Services said today it assigned its 'BBB-' rating to GATX Corp.'s $115 million convertible notes due 2023, offered under Rule 144A with registration rights. The notes are guaranteed by GATX's major subsidiary, GATX Financial Corp. (both rated BBB-/Stable/A-3). "The ratings on Chicago, Ill.-based GATX Corp. reflect strong market positions in two of its major businesses (specialty railcar leasing and aircraft leasing), fairly consistent railcar lease demand, and long-term leases and contracts that produce stable cash flow, offset by its high debt leverage, and reduced profitability and financial flexibility," said Standard & Poor's credit analyst Betsy Snyder. GATX Rail is the largest full-service lessor and manager of specialty railcars in...

Companies mentioned in this report are:
- GATX Corp.
- GATX Financial Corp.

Action: New Rating

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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