Wex Inc.'s EBITDA has surpassed pre-pandemic highs, pushing leverage down to 6.3x for the 12 months ending March 31, 2022, from a high of 7.0x for the same period last year. We expect earnings from all segments to show healthy growth in 2022--especially the fleet solutions segment, which benefits from higher fuel spend. As a result, we revised our outlook to stable from negative and affirmed our 'BB-' issuer and issue credit ratings on the company. The stable outlook reflects our expectations of stable organic growth in revenues and EBITDA due to higher fuel spend and continued recovery in the travel and corporate segment. We expect EBITDA coverage of interest to be between 3.0x and 6.0x and net debt to
