...March 3, 2025 NEW YORK (S&P Global Ratings) March 3, 2025--S&P Global Ratings today assigned its '###' issue-level rating to Element Fleet Management Corp.'s proposed issuance of $750 million senior unsecured notes due 2030. We expect Element to use the net proceeds to redeem its $400 million senior notes maturing in June 2025 and for general corporate purposes. We think Element will keep 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 proposed 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....
