Fitch to rate Penske notes BBB+

Fitch Ratings said it expects to assign a BBB+ rating to Penske Truck Leasing Co., LP and PTL Finance Corp.'s proposed issuance of $500 million senior notes due Aug. 1, 2023.

The agency said the expected rating is aligned with the ratings of all other senior unsecured debt issued by Penske.

Fitch said the equalization of the expected rating with Penske's BBB+ long-term issuer default rating reflects its predominately unsecured funding profile and the presence of unencumbered assets, which suggest average recoveries.

The agency said it does not expect the issuance will result in a material impact to Penske's leverage, as the proceeds will be used to repay existing debt and for general corporate purposes.

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