Trinity Industries Leasing is prepping a $183.45 million railcar equipment securitization, according to a presale report from Standard and Poor's.

The Series 2013-1 notes are backed by a $661.425 million portfolio dubbed Trinity Rail Leasing 2012 LLC containing 7,201 railcars. This fleet portfolio also backs the $333.84 million series 2012-1 notes.

The pool benefits from including mostly young railcars: the average age of the railcars is slightly more than two years old. It is also diverse, containing tank and non-tank freight cars.

However, the majority of the leases are full-service, which S&P says exposes the transaction to the railcars' uncertain variable expenses, such as maintenance and servicing.

The transaction features one tranche of class A-1 notes, which S&P preliminarily rated 'A'.

Trinity Industries will be servicing the notes.

The deal is expceted to close next month.

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