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UNION TANK CAR CO. 'F-1' COMMERCIAL PAPER RATING AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 10 /PRNewswire/ -- Union Tank Car Co.'s (UTC) $150 million 'F-1' 3(a)3 commercial paper program is affirmed by Fitch. The program is 100% supported by the company's bank credit facility and is used for general corporate purposes. At Sept. 30, 1993, UTC had approximately $71 million of commercial paper outstanding.
 The rating reflects a long record of stable leverage and coverage ratios, and UTC's strong market position in North America. The rating also acknowledges changing government regulations and the risks related to ownership of equipment that transports environmentally sensitive products.
 In terms of railroad tank cars leased in North America, UTC is second with a 33% share, following GATX Corp.'s 34% share. The next three industry participants each have less than 15% of the total market. UTC's favorable market position is supported by its production and related service operations, some of which are not provided by competing railcar lessors.
 As a result of UTC's market position and fleet utilization rates well in excess of 90%, debtholder protection has remained strong and almost unchanged during the last five years. Leverage and earnings before interest, taxes, depreciation and amortization (EBITDA) coverage of interest have varied little from their five year averages of 70.3% and 2.65 (x), and were 67.9% and 2.73(x) for 1992.
 Railcars are subject to Department of Transportation (DOT) rules on construction, maintenance, and safety. Recently the DOT issued proposed revisions to hazardous materials regulations which, among other things, clarify the minimum tank shell thickness requirements for railroad tankcars. Although this proposal will limit the usage of portions of existing fleets for all industry participants, it will be implemented over time and effect all railcar lessors equally. Also, while the company is currently in full compliance with all environmental laws, the discovery of past and future contamination is possible.
 UTC, primarily a full service lessor of railroad tank cars, is a wholly owned subsidiary of Marmon Industrial Corp. (MIC), which has a strong financial profile. Substantially all of the stock of MIC's ultimate parent, Marmon Holdings, Inc., is owned by the Pritzker family of Chicago.
 -0- 1/10/94
 /CONTACT: Donald H. Powell, 212-908-0570, or Keith B. Foley, 212-908-0572, both of Fitch/


CO: Union Tank Car Co. ST: Illinois IN: TRN SU: RTG

MP -- NY044 -- 0520 01/10/94 11:04 EST
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Date:Jan 10, 1994
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