Fitch sees rating Element Fleet notes BBB+

Fitch Ratings said it expects to assign a BBB+ to Element Fleet Management Corp.'s proposed issuance of five-year senior unsecured notes due June 2025.

“Fitch does not anticipate a material impact on the company's leverage and funding profile as a result of the issuance, as proceeds will be used to repay Element's convertible debentures maturing June 30, 2020, and any remaining proceeds will be used to repay outstanding borrowings on the senior credit facility,” the agency said in a press release.

The BBB+ expected rating is equalized with the ratings assigned to its senior unsecured credit facilities, Fitch said.

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