S&P rates Penske notes BBB

S&P said it assigned its BBB issue-level rating to Penske Truck Leasing Co. LP's proposed senior notes.

The company plans to use the proceeds to refinance its existing debt and for general corporate purposes.

The agency said the BBB corporate credit rating on Penske reflects the company's strong market positions in full-service truck leasing and commercial truck rentals.

S&P said it rates the unsecured debt at the same as the corporate credit rating on the company because no elements of subordination risk are present in its capital structure.

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