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Moody’s changes GATX outlook to positive
Moody’s Ratings said it changed its outlook for GATX Corp. to positive from stable and affirmed its Baa2 long-term issuer and senior unsecured debt ratings.
“The ratings affirmation and change in outlook to positive reflect GATX's consistent operating performance as demonstrated by low losses relative to other lessors that manage a variety of hard assets, its reduced leverage, and its good liquidity with well-laddered debt maturities (approximately 5%-7% of debt matures annually) and less reliance on short-term financing relative to historical levels,” the agency said in a press release.
Moody's said it forecasts GATX's lease revenues to improve in the next 12-18 months, buoyed by rising renewal lease rates vs. expiring lease rates on the company's North American railcar fleet.
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