S&P rates Triton BB+, notes BBB

Standard & Poor's said it assigned a BB+ corporate credit rating to Triton Container International Ltd., along with a BBB rating to the company's proposed $300 million senior notes with a 1 recovery rating, indicating 90% to 100% expected recovery in a default.

The agency also said it assigned a BBB rating to the company's existing $650 million senior secured notes and $335 million term loan, as well as a $400 million revolving line of credit co-issued by Triton and Triton Container Investments LLC, a subsidiary of Triton. The notes have a 1 recovery rating.

The outlook is stable.

The ratings reflect its 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, S&P said.

The ratings also incorporate the cyclicality and capital intensity of the marine cargo container leasing industry, the agency said.

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