Fitch rates Penske Truck Leasing IDR, debt BBB+

Fitch Ratings said it assigned an initial long-term issuer default rating of BBB+ to Penske Truck Leasing Canada Inc. (PTL Canada) and a BBB+ rating to its senior unsecured debt.

The outlook is stable.

Fitch said the issuer default rating is equalized with Penske Truck Leasing Co. LP's (PTL) issuer default rating and reflects the shared branding, senior notes guarantee provided by PTL and PTL's ownership stake of 100%. The unsecured debt rating is equalized with PTL Canada's issuer default rating and reflects that the notes rank pari passu with PTL's existing unsecured debt in terms of payment priority.

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