S&P affirms Container notes

Standard & Poor's said it affirmed its BBB- issue-level rating on Container Applications Ltd.'s proposed senior notes after the deal was revised to $103 million from $100 million.

The agency said it initially assigned the ratings on June 13, but the transaction was delayed. The recovery rating on this issue is 1, indicating an expectation that lenders would receive a very high recovery in the event of a payment default.

Container Applications Ltd. is a subsidiary of CAI International Inc. The BB corporate credit rating on CAI reflects the company's significant position within the marine cargo container leasing industry and the relatively stable earnings and cash flow generated from a substantial proportion of its long-term leases.

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