Element Fleet Management Corp.'s Proposed Senior Unsecured Notes Due 2029 Rated 'BBB'

NEW YORK (S&P Global Ratings) May 26, 2026--S&P Global Ratings today assigned its 'BBB' issue-level rating to Element Fleet Management Corp. 's proposed issuance of $500 million senior unsecured notes due 2029. We expect Element to use the net proceeds for general corporate purposes, including repaying existing debt. We expect Element to maintain its 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 expect Element to operate with EBIT coverage of 1.7x-2.4x and debt to total capital of 70%-80% for the next 18-24 months, in line with our previous expectations. The proposed senior notes will rank equally with all existing and future

...May 26, 2026 NEW YORK (S&P Global Ratings) May 26, 2026--S&P Global Ratings today assigned its '###' issue-level rating to Element Fleet Management Corp.'s proposed issuance of $500 million senior unsecured notes due 2029. We expect Element to use the net proceeds for general corporate purposes, including repaying existing debt. We expect Element to maintain its 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 expect Element to operate with EBIT coverage of 1.7x- 2.4x and debt to total capital of 70%-80% for the next 18-24 months, in line with our previous expectations. The proposed senior notes will rank equally with all existing and future senior unsecured debt. Our '###' issuer credit rating on Element is unchanged, and the outlook remains stable....

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