CHICAGO, May 11 /PRNewswire/ -- GATX Corporation (NYSE: GMT) today
commented on a recent statement put forth by Moody's Investor Services.
Brian A. Kenney, chief financial officer of GATX Corporation, stated,
"Today, Moody's announced that they have placed GATX Capital Corporation and
GATX Rail Corporation under review for possible downgrade as a result of their
perception of increased risk due primarily to conditions in specific segments
of our business. While we disagree with this decision and were surprised by
the announcement, we will work closely with the agency to complete their
review and address any issues that may be of particular concern. Moody's has
indicated that they will take into consideration the company's unprecedented
cash position and its sizeable unused credit lines, which provide the company
with approximately $1.0 billion in liquidity, as well as its strong cash flow
generating characteristics. These positive factors, along with our long and
successful history in our core markets, provide us with confidence that this
review will come to a reasonable conclusion."
Mr. Kenney concluded, "Over the course of the past year, GATX has
successfully executed every step of a strategic plan that was outlined at the
beginning of 2000. By selling GATX Logistics and substantially all of GATX
Terminals, we generated approximately $1.0 billion in after-tax proceeds and
used this opportunity to enhance our capital structure. Our operations have
been streamlined and we are focused on our core businesses. In addition, we
are committed to managing our capital structure wisely during this period of
economic uncertainty. We continue to believe that solid execution of our
strategy, combined with prudent capital management, will support our continued
long-term success."
COMPANY DESCRIPTION
GATX Corporation is a unique finance and leasing company combining asset
knowledge and services, structuring expertise, creative partnering and risk
capital to serve customers and partners worldwide. GATX Corporation provides
leasing and financial services responsive to the specialized needs of a range
of businesses. GATX Corporation specializes in railcar and locomotive
operating leasing, aircraft operating leasing, information technology leasing,
and venture finance for customers in diverse industrial sectors worldwide.
FORWARD LOOKING STATEMENTS
This press release includes statements which may constitute
forward-looking statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. This information may
involve risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Although the company believes
that the expectations reflected in such forward-looking statements are based
on reasonable assumptions, such statements are subject to risks and
uncertainties including but not limited to general conditions, including
demand and pricing in its primary rail, air, technology, and diversified
equipment leasing markets, opportunities for asset resale within these
markets, and stable labor conditions within the company's rail service
network. These factors and others could cause actual results to differ
materially from those projected.
Investor, corporate information and press releases may be found at
http://www.gatx.com. A variety of current financial information, historical
financial information, press releases and photographs are available at this
site. GATX press releases may be obtained by accessing PR Newswire's Company
News On-Call's automated fax service at 800-758-5804. The company
identification number for GATX is 105121.
SOURCE GATX Corporation
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Related links:
http://www.gatx.com
Company News On-Call:
http://www.prnewswire.com/comp/105121.html or fax,
800-758-5804, ext. 105121
CONTACT:
analysts and investors, Robert C. Lyons of
GATX Corporation, 312-621-6633
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