Moody's rates TR Group loan Baa3

Moody's Investors Service said it assigned a first-time senior secured rating of Baa3 to TR Group Ltd.'s secured bank credit facility.

The outlook is stable.

The Baa3 senior secured bank credit facility rating benefits from the company's strong market position relative to its competitors and its integrated service offering across leasing, rental and sales, Moody's said.

TR is the market-leading provider of full-service truck and trailer leasing and rental services in an otherwise fragmented New Zealand market, the agency said.

The company's national network of service centers, recognized expertise and range of services provide the company with competitive advantages that are supportive of its high operating margins, Moody's said.

The company's earnings visibility is good with contracted leasing, representing the majority of group revenue, the agency said.

© 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.