S&P rates Penske Truck Leasing notes BBB-

Standard & Poor’s said it assigned its BBB- rating to Penske Truck Leasing Co. LP’s and PTL Finance Corp.’s jointly issued senior unsecured notes. The companies will use proceeds for repayment of debt.

S&P said its corporate credit rating on Penske reflects the company’s strong market position in full-service truck leasing and commercial truck rentals, with revenues generated primarily through long-term leases that produce relatively strong and stable cash flow, even in periods of economic weakness.

The rating also reflects Penske’s substantial debt usage.

S&P said it assesses Penske’s business risk profile as “satisfactory,” its financial risk profile as “significant” and its liquidity as “adequate.”

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.