...September 11, 2020 LONDON (S&P Global Ratings) Sept. 11, 2020--S&P Global Ratings said today that Germany-headquartered railcar lessor VTG AG's (###/Stable/--) proposed issuance of up to 550 million of 12-year bullet and 15-year amortizing fixed-rate senior secured notes will be leverage neutral, and will extend the group's debt maturity profile. We expect VTG will use the issuance to redeem its 550 million bridge facility. Our ratings on VTG are unaffected. This includes our '###' issue rating on the senior secured notes, including the proposed issuance. VTG's operating performance is in line with our expectations and we expect credit metrics to remain commensurate with a '###' rating. Our '###' ratings on VTG are also supported by the shareholders' commitment to scale down the company's discretionary spending, including growth capital expenditure and shareholder remuneration, in order to secure ratings stability should market conditions deteriorate beyond expectations. The stable outlook...