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Presale: USQ Rail II LLC/USQ Canada Rail II ULC

The preliminary 'A (sf)' and 'BBB (sf)'ratings assigned to USQ Rail II LLC/USQ Canada Rail II ULC's $252.658 million class A and B fixed-rate secured railcar equipment notes series 2021-3 (Steam 2021-3) 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 and B 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 American Industrial Transport Inc...