Fitch to give Penske Truck debt BBB+

Fitch Ratings said it expects to assign a rating of BBB+ to the $500 million senior unsecured debt co-issued by Penske Truck Leasing Co., LP and PTL Finance Corp. maturing on Feb. 1, 2020.

The expected unsecured debt ratings reflect the fact that the debt is expected to rank pari passu with all other senior unsecured debt issued by Penske Truck and/or PTL Finance.

Fitch said the equalization of the expected rating with Penske's issuer default rating reflects the predominantly unsecured funding profile and unencumbered asset coverage available to senior unsecured creditors.

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