Fitch upgrades GATX

Fitch Rating said it upgraded GATX Financial Corp.'s senior debt rating to BBB- from BB and commercial paper to F3 from B. Fitch also assigned a BBB- issuer default rating to the company, which is the principal operating subsidiary of GATX Corp.

The outlook remains positive.

Fitch said the rating reflect the overall improvement in financial performance in GATX's core businesses, its strengthened risk profile resulting from management restructuring initiatives made over the last five years, market leadership, improved asset quality and capitalization.

The rating are constrained by the economic cyclicality inherent in the company's businesses, future growth strategies and the transparency of joint ventures, the agency said.

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