S&P rates GATX notes BBB

Standard & Poor's said it assigned its BBB issue rating to GATX Corp.'s senior unsecured notes. The issue is a drawdown under a Rule 415 shelf registration.

The agency said the ratings on GATX reflect its position as a major tank car lessor in North America. The business benefits from fairly consistent tank car lease demand, as well as long-term leases and contracts that produce relatively stable cash flow, the agency said.

However, S&P said the ratings also incorporate the company's less predictable revenue and earnings in its portfolio management and American Steamship Co. segments, as well as fairly high debt leverage relative to its peers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.