Moody's gives Paccar program A1

Moody's Investors Service said it assigned an A1 long-term rating and stable outlook to Paccar Inc.'s newly established medium-term note program.

This is the first time that Moody's has rated the debt of Paccar.

The newly assigned A1 rating is equivalent to the existing A1 ratings assigned to Paccar's wholly owed captive finance subsidiaries: Paccar Financial Corp. and Paccar Financial Europe BV, the agency said, adding that those ratings are based on their strategic importance in providing wholesale and retail financing for Paccar's U.S. and European operations.

Paccar's A1 rating and stable outlook reflect the company's highly competitive position in the North American and European medium and heavy duty truck markets, and the strong capitalization and underwriting standards of its financial service operations, the agency added.

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