Element Fleet Management Corp.'s Proposed Senior Unsecured Notes Due 2030 Rated 'BBB'

NEW YORK (S&P Global Ratings) Nov. 19, 2025--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 2030. We expect Element to use the net proceeds for general corporate purposes, including to repay existing debt. As of Sept. 30, 2025, Element had $1.6 billion drawn on its commercial paper and senior unsecured revolving credit facilities. We think Element will maintain its leading position in the automotive fleet management industry, stable earnings, and 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

...November 19, 2025 NEW YORK (S&P Global Ratings) Nov. 19, 2025--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 2030. We expect Element to use the net proceeds for general corporate purposes, including to repay existing debt. As of Sept. 30, 2025, Element had $1.6 billion drawn on its commercial paper and senior unsecured revolving credit facilities. We think Element will maintain its leading position in the automotive fleet management industry, stable earnings, and 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...

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