NEW YORK (S&P Global Ratings) Nov. 27, 2023--S&P Global Ratings today assigned its 'BBB' issue rating to Element Fleet Management Corp.'s proposed issuance of $500 million senior unsecured notes due 2028. Our issue rating on the proposed notes is the same as our issuer credit rating on Element (BBB/Stable/--). We view this transaction as leverage neutral because the company intends to use the proceeds to repay its existing term facilities (C$341.8 million outstanding as of Sept. 30, 2023) and the remaining proceeds to pay down a portion of its revolving credit facility (C$1.2 billion outstanding as of Sept. 30, 2023). Despite macroeconomic headwinds, we expect Element to maintain its industry-leading position in the automotive fleet management industry, continue to generate
