DBRS confirms Paccar

DBRS said it confirmed the AA (low) issuer and senior unsecured debt ratings and R-1 (middle) commercial paper ratings of Paccar Inc. and Paccar Financial Ltd.

The trend is stable.

The agency said the company's recent results have been adversely affected by the global economic downturn that has contributed to severe trucking industry conditions, but its credit profile remains on track. While earnings have softened in line with the drop in sales, DBRS noted that Paccar has nonetheless managed to remain at least moderately profitable in this severe environment, benefiting from its considerable operational flexibility.

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