Fitch to rate Penske debt BBB+

Fitch Ratings said it expects to assign a BBB+ rating to the C$375 million five-year senior unsecured debt issued by Penske Truck Leasing Canada Inc. (PTL Canada).

The debt is expected to rank pari passu with all other existing and future unsecured and unsubordinated debt issued by PTL Canada and its parent, Penske Truck Leasing Co., LP (PTL), respectively.

Fitch said the expected unsecured debt rating is equalized with PTL's issuer default rating reflecting the unconditional guarantee as to the interest and principal provided by PTL.

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