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S&P rates GATX notes BBB
S&P said it assigned its BBB issue-level rating to GATX Corp.'s proposed senior unsecured notes due 2024.
The company plans to use the proceeds to repay some or all of its existing $300 million senior unsecured notes due March 15, 2019, and for general corporate purposes, including for working capital and to fund capital expenditures.
“Our issuer credit rating on Chicago-based GATX reflects its position as a major North American and European railcar lessor,” the agency said in a news release.
“Railcar leasing is a business that benefits from relatively consistent demand and contracts that produce relatively stable cash flow.”
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