Fitch rates Penske Truck notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+(EXP) to the proposed $500 million 10-year senior unsecured notes co-issued by Penske Truck Leasing Co., LP and PTL Finance Corp.

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 long-term issuer default rating of BBB+ reflects the predominately unsecured funding profile of Penske and the presence of unencumbered assets, which suggest average recoveries.

The agency said it does not believe there will be a material impact to Penske's leverage resulting from the offering, as the proceeds will be used to repay existing debt and for general corporate purposes.

Penske's leverage, as measured by managed debt to equity, was 3.4 times as of Dec. 31.

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