PACCAR Inc. http://www.alacrastore.com/company-snapshot/PACCAR_Inc-1012709 Saturday, October 11, 2008 3:21:42 AM 1012709 PACCAR Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/55552cs/55552norm Automotive and Capital Goods: Annual OPEB Study We release our annual OPEB study while also taking a look at the dominant variables in the OPEB picture, some bellwether legal battles, and how this all sets the stage for a wild finish...555528024YesD0Article20562213812020559551342154147580749142121205212250344812794185520544653649118131689281194720445corp/reportshy26123Pensions51LBO5Structural Subordination76Recovery Rates90Covenants43Litigation34Companies with Convertibles33Capital Structure42High Yield55Bankruptcy49M&A Activity54Euro Markets Issuers10/8/2008 12:06:58 PM150We look at some OPEB legal battles and frame the relative exposure across the autos and cap goods in our annual OPEB study. Bottom line: there is still too much oversimplification of OPEB risk going on.55552Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PBC_88620moodys/PBC_88620pdf...A manufacturer and financial services provider for light -, medium- and heavy-duty trucks, PACCAR Inc benefits from having outside directors that ha ve strong expertise in capital-intensive businesses with significant non-U.S. operations and experience with companies in the financia l services sector. The soon-to-be ##-member board is sized to promote active dialog with ma nagement. Executive pay has been we ll-balanced for several decades at PACCAR, and we believe the sign ificant stockh oldings of the CEO and his uncle, bo th of whom sit on the board, provide a strong stabilizing effect on decision-making at board and manageme nt levels, which is important in a highly cyclical business. In our view, relatively low board an d audit committee meeting frequency raises some questions about the quality of oversight, issues that are compounded by the limited accounting or financial management expertise on the audit committee. While board inde pendence is broadly in line with... 10/4/2008 8:29:49 PMpdfPACCAR IncPACCAR Inc583500300.00AnalysisCorporate Governance AssmtPBC_88620Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/74186cs/74186norm Autos and Manufacturing: #H September Short Interest Report In the most recent measurement period, less than half of the names recorded an increase in SI levels with the rise in short interest being focused on the diversified industrial...741861753YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest9/25/2008 10:05:54 PM150This measurement period for short interest ceased to be relevant the day Lehman filed after the measurement deadline, but there are still some interesting trends before and since across some key names.74186Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73898cs/73898norm PACCAR, Inc. - Truck Business #Q## Tearsheet PACCAR (PCAR) is a rock solid credit with negligible credit volatility over the past two decades, a consistent operating strategy, and level of profitably that has rewarded stockholders handsomely...Yes21Tearsheet44tearsheets/premium7389851949/8/2008 2:07:00 PM150C73898Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73735cs/73735norm Autos and Manufacturing: #H August Short Interest Report Solid #H August stock returns and the decline in short interest are probably tied more to a slide in oil prices rather than any cyclical excitement or any signs of a turnaround...737351535YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest9/3/2008 11:06:00 PM150Short interest numbers swing back in 1H Aug and inflict some pain on the shorts. The across-the-board weakness subsequent to the measurement period dulls excitement for the longs around a short squeeze and fundamentals remain under the gun.73735Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/548091spcred/548091normThe latest Full Report from S&Pglobalstructured8/22/2008 3:01:53 AM400Full Report548091United StatesConstruction & Farm Machinery & Heavy TrucksEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsFinancial InstitutionsAsset-Backed SecuritiesAutomotiveCapital GoodsFull ReportSolid market positions and well-recognized brand names (Peterbilt/Kenworth); Strong dealer network; Flexible cost structure; Conservative financial policy; and Strong balance sheet. Highly cyclical end markets; Modest geographic diversity; and Exposure to financially weak customers. The ratings on PACCAR Inc. reflect the company's modest financial risk profile, stemming from conservative financial policies, good liquidity, and a strong position in the highly cyclical North American heavy-duty (Class 8) truck industry. The Bellevue, Wash.-based company has been able to sustain profitability that is well above the industry average. Truck demand is closely tied to the business cycle and therefore tends to be volatile. U.S. heavy-duty truck sales were up nearly 13% in the first nine months of 2006 from the same period theUSA69371869405320106010 201060 2010 20PACCAR Inc.101776EUROMIDAFRUSAPCARFULLNLDMEXAUSUSA69372B69371769372A69372F69371RN6803F20106010 201060 2010 2040202010 402020 4020 4020107010 201070 2010 20PACCAR Financial Corp.Paccar Financial Europe B.V.PACCAR Mexico S.A. de C.V.PACCAR Financial Pty Ltd.101774352874392063127061LATAMERICAEUROMIDAFRPACEMERGINGUSAPCAR12316Z@NAPCAR7669ZGLOBISSSTRUCCORPFIABSAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/465473spcred/465473normThe latest Full Report from S&Pglobalstructured8/22/2008 3:01:26 AM400Full Report465473United StatesConstruction & Farm Machinery & Heavy TrucksEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsFinancial InstitutionsAsset-Backed SecuritiesAutomotiveCapital GoodsFull ReportSolid market positions and well-recognized brand names (Peterbilt/Kenworth); Strong dealer network; Flexible cost structure; Conservative financial policy; and Strong balance sheet. Highly cyclical end markets; Volatile cash flow generation; Modest geographic diversity; Exposure to financially weak customers; and Governmental regulation exposure (emission controls). The ratings on PACCAR Inc. reflect the company's modest financial risk profile, stemming from conservative financial policies, good liquidity, and PACCAR's strong position in the highly cyclical North American heavy-duty (Class 8) truck industry. The Bellevue, Wash.-based company has been able to sustain profitability that is well above the industry average. Truck demand is closely tied to the business cycle and therefore tends to be volatile. Additionally, the North American truck industry has become increasingly concentrated, andUSA69371869405320106010 201060 2010 20PACCAR Inc.101776EUROMIDAFRUSAPCARFULLAUSUSAMEXNLD69371769371R69372FN6803F69372A69372B40202010 402020 4020 4020107010 201070 2010 2020106010 201060 2010 20PACCAR Financial Corp.PACCAR Financial Pty Ltd.Paccar Financial Europe B.V.PACCAR Mexico S.A. de C.V.101774127061352874392063EUROMIDAFRLATAMERICAEMERGINGPACUSAPCAR17669Z2316Z@NAPCARGLOBISSSTRUCCORPFIABSAutomotiveCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/73222cs/73222norm Autos and Manufacturing: #H July Short Interest Report After a stretch of extreme pain, a nice favorable drift in the short interest numbers was reported. Short interest shows hints of a reprieve for autos (for now) during this last...732221848YesD0Article503995138458121221202285137841546211418014212114155214434411661407494618554451191489118794997649131653476681355421136134133208corphy4242High Yield54Euro Markets Issuers59Short Interest8/15/2008 12:06:42 AM150The short interest numbers showed some rare relief for the auto and discretionary consumer cap goods names as did the stock returns across the group. Since fundamentals are hardly turning, oil appears to be the main driver for now.73222Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72313cs/72313norm Autos and Manufacturing: #H July Short Interest Report The short interest keeps spiking for auto and manufacturing leaders and the negative stock returns keep on rolling in. AXL and Brunswick break through into that rarified air of...1385038121221378521228412045211411411421218014434455214074946185544511999764979453118131666813513414891365447820133corp4254Euro Markets Issuers59Short Interest7/29/2008 11:07:00 PM1501H July short interest numbers adequately reflect the ugly state of affairs in the market with SI levels of the leaders breaking above prior highs and a few all-time records across the group. AXL at almost 36% of float is an eye opener.1462YesD0Article9957231372313Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1904458ccbn/B1904458norm...Europe truck sales are robust, due to growth in Central Europe, as countries invest in their infrastructure. ... 7/22/2008 8:05:00 PMPACCAR54.0000EditedQ2 2008 PACCAR Earnings Conference Call SummaryPCAR9:00am PTBriefB1904458Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1904458ccbn/T1904458norm...Good morning and welcome to PACCAR's second quarter #### earnings conference call. All lines will be in a listen-only mode until the question-and-answer session. Today's call is being recorded and if anyone has an objection, they should disconnect at this time. I would now like to introduce Mr. Robin Easton, PACCAR's Treasurer. Mr. Easton, please go ahead. ... 7/22/2008 1:05:00 PMPACCAR54.0000FinalQ2 2008 PACCAR Earnings Conference Call TranscriptPCAR9:00am PTTranscriptT1904458Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/71746cs/71746norm Autos and Manufacturing: #H June Short Interest Report The Top ## short interest names all posted negative stock returns for the measurement period, with # of ## in negative double-digit range. The auto equity picture was pretty grim...717461395YesD0Article99513850344451378521228412021141141142121805521443749116614046185544511999764979453118131613513454148913620813347corp4254Euro Markets Issuers59Short Interest42High Yield7/16/2008 10:06:09 PM150Another rough ride for the auto & consumer durable sectors in terms of equity performance is also evident in some concentrated short interest increases across the OEM & supplier chain. AXL retakes the lead from BC with GM hot on its trail.71746Credit & Investment ResearchCreditSightsUS - In July ####, the board of PACCAR Inc, a manufacturer of trucks and mining machinery, authorized the repurchase of up to $### mil of the company's common stock outstanding in open market transactions.7/10/2008 11:44:35 AM693718693718693718693718PACCAR IncPACCAR IncPACCAR IncPACCAR Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/PACCAR_Inc_buys_back_stock-1994273020sdc/19942730201994273020Copyright © 2008, Thomson Financial, All Rights ReservedNasdaqTransportation EquipmentUnited StatesMotor vehicles and passenger car bodies3711WAWashingtonPublicPCAR3531:Construction machinery and equipment3532:Mining machinery and equipment, except oil and gas3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies6159:Misc business credit7513:Truck rental and leasing, without drivers3531:Construction machinery and equipment3532:Mining machinery and equipment, except oil and gas3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies6159:Misc business credit7513:Truck rental and leasing, without driversNasdaqTransportation EquipmentUnited StatesMotor vehicles and passenger car bodies3711WAWashingtonPublicPCAR4654001Mnfr trucks,mining machineryMnfr trucks,mining machineryCashCash OnlyCommon Stock4654001Jul 10 200814.242002385.600002909.000002932.000003102.000002531.800001954.200001283.900005201.100000.704001.535002349.700003.100001154.000001650.2000015175.600004426.6000017578.800000.000000.000000.000000.000000.000000.0000031 Mar 0831 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000PACCAR Inc is a manufacturerof trucks and amphibiousvehicles, mining machinery,winches, and railroadequipment, headquartered inBellevue, Washington. Thecompany offers light, mediumand heavy-duty trucks, underthe Kenwoth, Peterbilt and DAFbrand. The company offers itsproducts in the Netherlands,United Kingdom, Australia,Mexico, and Canada. Thecompany also provides truckleasing and financingservices. The company wasfounded in 1905.PACCAR Inc is a manufacturer of trucks and amphibiousvehicles, mining machinery, winches, and railroad equipment,headquartered in Bellevue, Washington. The company offerslight, medium and heavy-duty trucks, under the Kenwoth,Peterbilt and DAF brand. The company offers its products inthe Netherlands, United Kingdom, Australia, Mexico, andCanada. The company also provides truck leasing andfinancing services. The company was founded in 1905.PACCAR Inc is a manufacturer of trucks and amphibious vehicles, mining machinery, winches, and railroad equipment, headquartered in Bellevue, Washington. The company offers light, medium and heavy-duty trucks, under the Kenwoth, Peterbilt and DAF brand. The company offers its products in the Netherlands, United Kingdom, Australia, Mexico, and Canada. The company also provides truck leasing and financing services. The company was founded in 1905.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000PACCAR Inc is a manufacturerof trucks and amphibiousvehicles, mining machinery,winches, and railroadequipment, headquartered inBellevue, Washington. Thecompany offers light, mediumand heavy-duty trucks, underthe Kenwoth, Peterbilt and DAFbrand. The company offers itsproducts in the Netherlands,United Kingdom, Australia,Mexico, and Canada. Thecompany also provides truckleasing and financingservices. The company wasfounded in 1905.PACCAR Inc is a manufacturer of trucks and amphibiousvehicles, mining machinery, winches, and railroad equipment,headquartered in Bellevue, Washington. The company offerslight, medium and heavy-duty trucks, under the Kenwoth,Peterbilt and DAF brand. The company offers its products inthe Netherlands, United Kingdom, Australia, Mexico, andCanada. The company also provides truck leasing andfinancing services. The company was founded in 1905.PACCAR Inc is a manufacturer of trucks and amphibious vehicles, mining machinery, winches, and railroad equipment, headquartered in Bellevue, Washington. The company offers light, medium and heavy-duty trucks, under the Kenwoth, Peterbilt and DAF brand. The company offers its products in the Netherlands, United Kingdom, Australia, Mexico, and Canada. The company also provides truck leasing and financing services. The company was founded in 1905.0.000000.000000.00000365.15000NU.S. Dollar08 Jul 08Tue, 08 Jul 2008 00:00:00 ESTDate Announced: 07/08/2008Date Effective:BuybackNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.00000300 U.S. Dollar300.000000.00000300 U.S. Dollar300.000000.000000.000000.000000.000005896.30000300 U.S. Dollar1.00000N152.346000.000000.000000.000000.000000.00000300.00000300.000000.000000.000000.000000.000000.000003.429000.000000.000000.000000.000000.000000.000000.000001.641000.000000.000000.0000041.2700042.8800048.840007.6140022.930000.270000.000006.2270025.437003555.3000017833.956005201.1000013.3600011.475004.0690023.563001.000002.000003.000004.000005.000006.000007.000008.00000US - In July 2008, the boardof PACCAR Inc, a manufacturerof trucks and miningmachinery, authorized therepurchase of up to $300 milof the company's common stockoutstanding in open markettransactions.US - In July 2008, the board of PACCAR Inc, a manufacturer of trucks and mining machinery, authorized the repurchase of up to $300 mil of the company's common stock outstanding in open market transactions.US - In July 2008, the board of PACCAR Inc, a manufacturer of trucks and mining machinery,authorized the repurchase of up to $300 mil of the company's common stock outstanding inopen market transactions.US - In July 2008, the board of PACCAR Inc, a manufacturer of trucks and mining machinery, authorized the repurchase of up to $300 mil of the company's common stock outstanding in open markettransactions.US - In July 2008, the board of PACCAR Inc, a manufacturer of trucks and mining machinery, authorized the repurchase of up to $300 mil ofthe company's common stock outstanding in open market transactions.Intended0.000000.000000.000000.0000014.242002909.000002932.000003102.000002531.800001954.200001283.900005201.100002349.700003.290003.967002.916002.293001.329003.100005201.100005013.100004456.200003901.100003762.400003246.400001227.300001496.000001133.20000906.80000526.500001154.000001764.300002175.300001773.600001368.20000805.500001650.2000015221.7000016454.1000014057.4000011396.300008194.9000015175.6000017578.8000017085.5000015981.7000013644.0000012140.200009877.80000Status:IntendedUS-999.00000np0.10900-999.00000np-0.2630021.6540022.188004.0590016.743005201.1000011.9030014.681000.000000.000000.000003531:Construction machinery and equipment3532:Mining machinery and equipment, except oil and gas3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies6159:Misc business credit7513:Truck rental and leasing, without drivers4654001NasdaqUnited States3711WashingtonPublicPCAR3531:Construction machinery and equipment3532:Mining machinery and equipment, except oil and gas3711:Motor vehicles and passenger car bodies3713:Truck and bus bodies6159:Misc business credit7513:Truck rental and leasing, without drivers4654001NasdaqUnited States3711WashingtonPublicPCAR300.00000300.00000300.00000152.34600Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/71483cs/71483norm Capital Goods and Diversified Industrials: Capex Study and Outlook Capex levels have still been trending higher and remain strong from a historical perspective in both the capital goods and diversified industrial sectors, but the rate...714832255YesD0Article138454413713685842114141142114435521404644514891855997794535413513413347corp/reportshy2442High Yield54Euro Markets Issuers7/9/2008 11:06:00 PM150We break down capex data for the capital goods and diversified industrial players. Spending has tended to increase on an absolute basis, although the rate of growth has slowed from past years.71483Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71008cs/71008norm Autos and Manufacturing: #H June Short Interest Report The shorts had another good stretch as # of the Top ## companies recorded negative stock returns greater than the #.#% drop seen at the S&P ### Index over the same time frame with...454Euro Markets Issuers42High Yield59Short Interest6/30/2008 12:06:00 AM150Results got even uglier (and the shorts happier) after the measurement period. Most of the Top 10 posted stock declines greater than the S&P 500 in 1H June, with ARM being the exception, and BC continues to be the most heavily shorted name.710082149YesD0Article9951385038121221378521228412045211411411421218014434455214074946185544511999764979453118131647668135541489136820133134corp271008Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70351cs/70351norm Autos and Manufacturing: #H May Short Interest Report The shorts had a happy stretch as all of the Top ## companies recorded negative stock returns and at levels greater than the #.#% drop seen at the S&P ### Index over the same time...703511342YesD0Article5039951224581213822851201378421141141142121801443445521166140185511846148944579499764913165311966813554211361342013347corp4259Short Interest42High Yield6/9/2008 10:04:00 PM150All of the names on the Top 10 list reported stock declines greater than the S&P 500 in 2H May while Brunswick has moved back up the ranks to become the most heavily shorted name among the group.70351Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70029cs/70029norm PACCAR, Inc. - Truck Business #Q## Tearsheet PACCAR (PCAR) is a rock solid credit with negligible credit volatility over the past two decades, a consistent operating strategy, and level of profitably that has rewarded stockholders handsomely...tearsheets/premium46/2/2008 3:05:00 PM15070029527YesC21Tearsheet4470029Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69754cs/69754norm Autos and Manufacturing: #H May Short Interest Report Cooper Tire secured the leading spot on the Top ## list while ArvinMeritor inflicted pain on the shorts given its impressive stock price run after reported results and announcing...697541464YesD0Article50399512245812138222112013784211411411421218014434455214074946185544511999764979453118131647668135541489136820133134corphy2454Euro Markets Issuers42High Yield59Short Interest5/26/2008 11:07:24 PM150Cooper Tire secured the leading spot on the Top 10 list while ArvinMeritor inflicted pain on the shorts given its impressive stock price run.69754Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68992cs/68992norm552144374911661402146185544511999764979453118131647668135541489136133201348corphy4254Euro Markets Issuers59Short Interest42High Yield5/8/2008 7:06:00 AM150Brunswick continues to be the most heavily shorted name in our report and while there was not major movement among the auto exposed names, shorts did profit from stock declines at CTB and appliance exposed WHR.689921337YesD0Article5039951224581213822851201378444211411411421218068992Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/646347spcred/646347normThe latest Summary from S&Pglobal5/3/2008 2:38:51 AM175Summary646347United StatesConstruction & Farm Machinery & Heavy TrucksEurope, Middle East, AfricaUnited StatesGlobal IssuersFinancial InstitutionsCorporationsAutomotiveSummaryThe ratings on PACCAR Inc. reflect the company's minimal financial risk, stemming from conservative financial policies, favorable cash generation even in adverse times for markets, good liquidity, and a strong competitive position in the highly cyclical North American heavy-duty (Class 8) truck industry. The Bellevue, Wash.-based company has maintained profitability at levels well above the industry average, which cushions it against volatile swings in industry demand caused by regulatory changes and the business cycle. U.S. heavy-duty truck sales remain mired in a steep downturn that began in early 2007 and sent unit sales of Class 8 trucks down 36% for the year. This downturn was originally the result of new engine emissions standards, which created a "prebuy" effect that boostedUSA69371869405320106010 201060 2010 20PACCAR Inc.101776EUROMIDAFRUSAPCARSUMMARYGLOBISSFICORPAutomotiveCredit & Investment ResearchS&P Credit Research