Strong fleet card market position and further potential for cost savings from recent acquisitions Organic growth and high margins across its business segments Increasing product diversity, which enhances earnings stability, but offset by economic sensitivity of the businesses More diverse funding profile compared with other finance companies High leverage (including bank deposits), which we expect the company will continue to reduce over the next 12-24 months Reliance on dividends and other contractual payments from WEX Bank (as a business model) Exposure to volatility in fuel prices S&P Global Ratings' stable outlook on WEX Inc. reflects our expectation of modest organic growth and debt amortization in line with requirements that we expect should result in adjusted net debt (including bank deposits)
