Fitch rates Penske notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Penske Truck Leasing Co. LP's senior unsecured notes.

The notes are comprised of two $500 million tranches with coupons of 2.875% and 4.25% and five- and 10-year maturities, respectively.

Fitch said it does not believe there will be a material impact on the company's leverage as a result of the issuance, as proceeds will be used to repay borrowings on the company's bank revolver and General Electric Capital Corp. credit facility.

The company has a long-term issuer default rating of BBB+ and senior unsecured notes rating of BBB+.

Penske's stable outlook reflects an expectation of strong liquidity, higher capitalization and earnings growth in 2013 and an increase in contractual full service lease activity, the agency said.

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