Strong market position in the fleet cards market High margins Well-managed credit risk More diverse funding profile compared with other finance companies Plans for robust growth entail operational and financial risks Reliance on dividends and other payments from WEX Bank Exposure to volatility in fuel prices Negative tangible equity Erosion of high merchant commission is a long-term business risk Standard&Poor's Ratings Services' ratings on WEX Inc. (previously known as Wright Express Corp.) reflect risks associated with the company's growth strategy, reliance on dividends and other payments from WEX Bank (previously known as Wright Express Financial Services Corp.), exposure to volatility in fuel prices, and the gradual erosion of its high merchant commission. Offsetting factors include the company's strong
