Fitch to rate Penske Canada debt BBB+

Fitch Ratings said it expects to rate up to C$400 million of five-year senior unsecured debt issued by Penske Truck Leasing Canada Inc., a wholly owned subsidiary of Penske Truck Leasing Co., LP, BBB+.

The notes are expected to be guaranteed by Penske Truck Leasing and will rank equally with all of the company's existing unsecured debt.

Fitch said it does not believe there will be a material impact on the Penske Truck Leasing's leverage as a result of the issuance, as proceeds will be used to repay borrowings in Canada and reduce the intercompany debt balance.

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