S&P: Penske Truck notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to the $1.75 billion senior notes due 2015 and 2017 co-issued by Penske Truck Leasing Co. LP and PTL Finance Corp.

The agency said the ratings on Penske Truck Leasing reflect the company's significant market positions in its major businesses, full-service lease and contract maintenance and commercial rental.

The agency said it expects credit metrics to remain near current levels due to the company's sizable capital investment plans, resulting in funds from operations to total debt remaining about 20%.

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