Kroll Bond Rating Agency assigned 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.

All of the railcars in the portfolio and the related leases will be acquired by the issuer from Trinity Industries Leasing. The portfolio consists of 4,397 non-tank railcars with an aggregate fair market value 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 (more than 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.