NEW YORK--(BUSINESS WIRE)--Jun 8, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two note classes of Trinity Rail Leasing 2018 LLC, a railcar leasing securitization.

This is the first transaction issued out of Trinity Rail Leasing 2018 LLC (“Issuer”). All of the railcars in the portfolio (the “Portfolio Railcars”) and the related leases will be acquired by the Issuer from Trinity Industries Leasing Company. The portfolio consists of 4,397 non-tank railcars with an aggregate fair market value (“FMV”) of $1344.7 million, and 2,693 tank railcars with an aggregate FMV of $276.9 million. The entire portfolio is currently on lease, with the majority of leases (over 70%) on full service leases. The Issuers will be responsible for covering maintenance costs for the railcars in the portfolio that are under full service lease contracts.

The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings.

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available .

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KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

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CONTACT: Kroll Bond Rating Agency

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John Lampasona, 646-731-2418

Director

jlampasona@kbra.com

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Anthony Nocera, 646-731-2350

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anocera@kbra.com

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Usman Khan, 646-731-2488

Associate Director

ukhan@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

SOURCE: Kroll Bond Rating Agency

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PUB: 06/08/2018 05:59 PM/DISC: 06/08/2018 05:59 PM

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