...May 21, 2020 - Germany-headquartered railcar operator, VTG AG (VTG), has completed its debt financing and raised senior secured debt of about 2.1 billion to refinance its existing capital structure. - The new financing package comprises of a 550 million 2-year backstop facility, 530 million 5-year term loan, 400 million 7-year term loan, and 665 million term loan facilities. The new capital structure also includes a 150 million revolving credit facility and 150 million capex facility, which are undrawn on transaction close. - Proceeds are utilized to repay the majority of VTG's existing debt, including bank loans, USPP, and hybrid capital. - We are assigning our '###' issuer credit rating to VTG AG and its financing subsidiary VTG Finance S.A. At the same time, we are assigning our '###' issue rating to the existing secured 342 million USPP. - The stable outlook incorporates our expectation of high fleet utilization rates and stable lease rates over the next 12-24 months despite weak overall...