S&P rates Paccar shelf, note program AA-

Standard & Poor's said it assigned its preliminary AA- rating to Paccar Inc.'s senior unsecured debt securities filed as part of a Rule 415 unlimited amount shelf registration.

At the same time, S&P said it assigned its AA- rating to Paccar's unlimited amount medium-term note program, adding that it expects proceeds from to be used for general corporate purposes, including the repayment of short-term debt at the company's finance subsidiaries.

According to the agency, the ratings on Paccar reflect the company's minimal financial risk, stemming from conservative financial policies that enable the company to maintain healthy profitability, credit measures, and ample liquidity, even during steep cyclical downturns in the heavy-duty truck industry.

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