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BULLETIN: GATX Corp. Completes Sale of IT Leasing Assets; Ratings Unaffected Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 1, 2004--GATX Corp. (BBB-/Stable/--) announced that it has completed the sale of substantially all the assets and associated nonrecourse debt of its information technology (IT) leasing business. The net book value of these assts, including nonrecourse debt, was approximately $520 million. Standard & Poor's Ratings Services said its ratings and outlook remain unaffected by this announcement. At the time the sale was announced, in April 2004, the company indicated net cash proceeds of approximately $200 million, resulting in a net recognized gain. In addition, since December 2002, GATX has been curtailing investment in its Specialty Finance portfolio and running off the Venture assets in this portfolio. As a result, GATX's operations are now comprised...
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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