Element Fleet Management Corp.'s Proposed Senior Unsecured Notes Due 2027 Rated 'BBB'

NEW YORK (S&P Global Ratings) March 4, 2024--S&P Global Ratings today assigned its 'BBB' issue-level rating to Element Fleet Management Corp.'s (Element's) proposed issuance of $750 million senior unsecured notes due 2027. Our issue-level rating on the proposed notes is the same as our 'BBB' issuer credit rating on Element. Element intends to use the net proceeds from the notes offering for working capital and general corporate purposes, which may include the repayment of existing indebtedness such as the senior notes due April 2024 (C$530.1 million outstanding as of Dec. 31, 2023) and repayment of a portion its secured and unsecured revolving credit facilities (C$5.1 billion outstanding as of Dec. 31, 2023). Despite macroeconomic headwinds, we expect Element to maintain

...March 4, 2024 NEW YORK (S&P Global Ratings) March 4, 2024--S&P Global Ratings today assigned its '###' issue-level rating to Element Fleet Management Corp.'s (Element's) proposed issuance of $750 million senior unsecured notes due 2027. Our issue-level rating on the proposed notes is the same as our '###' issuer credit rating on Element. Element intends to use the net proceeds from the notes offering for working capital and general corporate purposes, which may include the repayment of existing indebtedness such as the senior notes due April 2024 (C$530.1 million outstanding as of Dec. 31, 2023) and repayment of a portion its secured and unsecured revolving credit facilities (C$5.1 billion outstanding as of Dec. 31, 2023). Despite macroeconomic headwinds, we expect Element to maintain its industry-leading position in the automotive fleet management industry, continue to generate stable earnings, and maintain ongoing access to wholesale financing markets. Pro forma for this issuance, we...

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