S&P rates Penske Truck Leasing Canada notes BBB

S&P said it assigned its BBB issue-level rating to Penske Truck Leasing Canada Inc.'s proposed senior unsecured notes due 2022.

The company will use the proceeds from these notes for general corporate purposes, including to refinance its existing debt.

“Our corporate credit rating on Penske reflects the company's strong market positions in full-service truck leasing and commercial truck rentals,” S&P said in a news release.

“Our rating also reflects Penske's substantial debt usage.”

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