PACCAR Inc: Rating Report

DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating of PACCAR Inc at AA (low) and the Senior Unsecured Debt and Commercial Paper ratings of PACCAR Financial Ltd. (together with PACCAR Inc, PACCAR or the Company) at AA (low) and R-1 (middle), respectively. All trends are Stable. The confirmation of the ratings is supported by PACCAR's strong business risk assessment as a global premium truck manufacturer with solid market positions in North America and Europe, strong brands and product quality, as well as high operating efficiencies. Additionally, PACCAR's financial risk assessment is inordinately strong because of its consistent operating performance and exceedingly conservative financial policy, with the Company having essentially no industrial indebtedness.