Nov 15 - Standard & Poor's Ratings Services said today that its ratings and outlook on
Greenbrier Cos. Inc. (B/Positive/--) are not immediately affected by the Schedule 13D
filed by Carl Icahn and related entities (including American Railcar Industries Inc.
(ARI, B+/Stable/--)) with the Securities and Exchange Commission, reporting that they have
acquired beneficial ownership of 9.9% of Greenbrier's common stock. Greenbrier subsequently
indicated that Mr. Icahn seeks to have conversations with Greenbrier's management to discuss
possible strategic opportunities, although at this stage no specific proposals or opportunities
have been suggested.
Mr. Icahn is the majority owner in ARI, another railcar manufacturer and lessor, and has in
the past expressed interest in a combination between Greenbrier and ARI. The Icahn-led ownership
in Greenbrier causes some uncertainty with respect to the potential strategic direction of the
companies, the potential effect on supply competition dynamics in the North American railcar
manufacturing industry, and related balance sheet implications for Greenbrier and ARI. Standard
& Poor's will monitor any related developments that could affect credit quality as they unfold.