GATX Corp.'s $115 Million Convertible Notes Rated 'BBB-' Aug 03
- ID: 1826630
- August 2003
- Standard & Poors
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
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Research type: News
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