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Bulletin: GATX Corp. Ratings Unchanged On Railcar Fleet Acquisition Dec 08
Standard & Poors, Dec 2008
Abstract
NEW YORK (Standard & Poor's) Dec. 17, 2008--Standard & Poor's Ratings Services said today that its ratings on GATX Corp. (BBB+/Stable/A-2) were not affected by the railcar lessor's Dec. 17 announcement that it had purchased the North American railcar fleet of Allco Finance Group Ltd. The purchase price was approximately $217 million, consisting of approximately $30 million in cash and the assumption of approximately $187 million in nonrecourse debt. GATX has been indicating for some time its interest in railcar acquisitions at attractive valuations. The Allco fleet consists of 3,650 fully utilized diversified railcars with an average age of two years. The fleet complements GATX's existing North American owned fleet of approximately 110,000 cars. At Sept. 30, 2008, GATX had...
Companies mentioned in this report are: GATX Corp.
Action: Bulletin
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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