...NEW YORK (S&P Global Ratings) March 15, 2021--S&P Global Ratings today said it takes a mostly positive view of WEX Inc.'s (##-/Negative/--) extension of its revolving credit facility and term loan A by five years and term loan B by seven years. Further, we view the company's redemption of its $400 million senior secured notes as credit neutral since surplus cash will be used to pay down the debt. The recovery rating on the debt remains '3', reflecting our expectation of 50%-70% (rounded estimate 50%) recovery in a simulated default scenario. However, the impact of the COVID-19 pandemic has yet to subside, and we still believe it puts pressure on leverage. For the 12 months ended Sept. 30, 2020, WEX's leverage, measured as net debt to EBITDA, was 5.3x, compared with 5.52x at year-end 2019. The company's corporate payments and U.S. health businesses posted strong top-line revenue growth in the fourth quarter, while the fleet segment continues to recover more slowly. Our rating on WEX reflects...
