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5 years ago
TEXT-S&P rates Triton Container International notes 'BBB'
September 26, 2012 / 3:51 PM / 5 years ago

TEXT-S&P rates Triton Container International notes 'BBB'

Sept 26 - Standard & Poor's Ratings Services said today that it has assigned
its 'BBB' issue-level rating to Triton Container International Ltd.'s (Triton)
proposed $100 million senior notes series 2012-A due 2022 and 2024. The recovery
rating on this issue is '1', indicating our expectation that lenders would
receive a very high (90% to 100%) recovery in the event of a payment default.

The 'BB+' corporate credit rating on San Francisco-based Triton reflects the 
company's significant position within the marine cargo container leasing 
industry and the relatively stable earnings and cash flow generated from a 
substantial proportion of its long-term leases. The ratings also incorporate 
the cyclicality and capital intensity of the marine cargo container leasing 
industry.

RELATED CRITERIA AND RESEARCH
     -- Criteria Guidelines For Recovery Ratings On Global Industrials 
Issuers' Speculative-Grade Debt, Aug. 10, 2009
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008


RATINGS LIST

Triton Container International Ltd.
 Corporate credit rating                BB+/Stable/--      

New Ratings 

Triton Container International Ltd.
 $50 mil. senior secured due 2022       BBB
  Recovery rating                       1
 $50 mil. senior secured due 2024       BBB
  Recovery rating                       1

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.

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