Fitch Rates Penske Truck Leasing Co. LP's IDR 'BBB+'; Outlook Stable

Fitch Ratings has assigned a Long-term Issuer Default Rating (IDR) of 'BBB+' to Penske Truck Leasing Co. LP (PTL). The Rating Outlook is Stable.

The rating reflects the settlement of the $700 million equity injection into PTL from the general and limited partners, which reduces leverage, defined as debt/equity, from 6.5 times (x) at Dec. 31, 2011 to a range of 3.0x to 3.5x on a pro forma basis. Fitch expects leverage to remain within this range longer term.

Fitch had previously assigned an expected IDR of 'BBB+' to PTL on April 26, 2012, reflecting the expectation of the equity injection, as well as PTL's established market position in the truck leasing business, experienced management team, strong asset quality, and relatively consistent operating performance through various economic cycles. For more information on Fitch's rating rationale and/or rating sensitivities, please see the rating action commentary, 'Fitch Expects to Assign IDR of 'BBB+' to Penske Truck Leasing Co. LP; Outlook Stable' dated April 26, 2012.

Established in 1988 and headquartered in Reading, Pennsylvania, PTL is a leading provider of full service truck leasing, truck rental, contract maintenance and logistics services. The company is a partnership between GECC (49.9%), Penske Corporation (41.1%) and Penske Automotive Group (9.0%). Ownership interests are expected to be maintained at current percentages after the $700 million equity injection.

Fitch assigns the following rating with a Stable Outlook:

Penske Truck Leasing, LLC

--Long-term Issuer Default Rating (IDR) 'BBB+';

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Fitch has done a Rating Assessment Service for Penske Truck Leasing Co. L.P.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 16. 2011);

--'Finance and Leasing Companies Criteria' (Dec. 12, 2011);

--'Fitch Expects to Assign IDR of 'BBB+' to Penske Truck Leasing Co. LP; Outlook Stable' (April 26, 2012).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171

Finance and Leasing Companies Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=659834

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