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Presale: USQ Rail I LLC/USQ Canada Rail ULC

The preliminary 'A (sf)' rating assigned to USQ Rail I LLC/USQ Canada Rail ULC's $406.801 million class A fixed-rate secured railcar equipment notes series 2021-1 (also known as Steam 2021-1) reflect: The likelihood that timely interest and ultimate principal payments will be made on or before the legal final maturity date for the class A notes; The initial and future lessees' estimated credit quality; The railcar collateral's value and rental-generating potential; The transaction's legal and payment structures; The demonstrated servicing ability of Trinity Industries Leasing Co. (TILC) and TrinityRail Canada Inc. (TRC); The liquidity facility, which will have an available liquidity amount of nine months' interest on the class A notes; and The performance of the portfolio under specific rating