GATX Corp. Senior Unsecured Notes Rated 'BBB' May 11
- ID: 1827232
- May 2011
- Standard & Poors
NEW YORK (Standard & Poor's) May 24, 2011--Standard & Poor's Ratings Services said today that it has assigned its 'BBB' rating to GATX Corp.'s senior unsecured notes. The issue is a drawdown under a Rule 415 shelf registration. The company will use the proceeds to repay commercial paper and other outstanding debt and for general corporate purposes, including working capital and capital spending. The ratings on GATX reflect its strong market position in its major business--tank car leasing; relatively consistent tank car lease demand, even in periods of economic weakness; and long-term leases and contracts that produce relatively stable cash flow. The ratings also incorporate the company's high debt leverage relative to its peers and the less-predictable revenues and earnings...
Companies mentioned in this report are:
- GATX Corp.
Action: New Rating
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Research type: News
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