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BULLETIN: GATX Reports Continuing Write-Downs of Telecom Assets Jul 01
Standard & Poors, July 2001
Abstract
GATX Corp. Corporate Credit Rating: BBB+/Positive/- GATX Capital Corp. Counterparty Credit Ratings: BBB+/Positive/A-2 GATX Rail Corp. Corporate Credit Ratings: BBB+/Positive/A-2 Standard & Poor's ratings on GATX Corp. and its subsidiaries, GATX Capital Corp. and GATX Rail Corp., remain unchanged following the company's announcement of second-quarter earnings of $21.6 million versus $41.5 million a year earlier. Results included a $30.6 million pretax write-down of telecommunication assets at GATX Capital Corp., with the company indicating potential further write-downs of these assets. GATX intends to realign the legal structure of GATX Capital and GATX Rail into one entity in the near future. However, ratings on GATX Corp. already incorporate consideration of the consolidated credit profile, as well as the credit strength of each...
Companies mentioned in this report are: GATX Corp.,GATX Rail Corp.,GATX Capital Corp.
Action: S&P Event
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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