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Fitch to give Penske Truck debt BBB+
Fitch Ratings said it expects to assign a rating of BBB+ to the C$125 million senior unsecured debt issued by Penske Truck Leasing Canada Inc. (PTL Canada) maturing June 12, 2020.
The debt is expected to rank pari passu with all other senior unsecured debt issued by PTL Canada and its parent, Penske Truck Leasing Co., LP (PTL) in terms of payment priority.
The expected unsecured debt rating is equalized with PTL's issuer default rating, reflecting the senior notes guarantee provided by PTL.
Fitch said it does not believe there will be a material impact on PTL Canada or PTL's leverage as a result of the issuance, as proceeds will be used to pay down existing debt under the corporate revolver. PTL's leverage, as measured by debt/equity, was 3.4 times as of Dec. 31, 2014.
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