Fitch rates Element Leasing B+

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of B+ to Element Leasing.

The outlook is stable.

A short-term foreign-currency rating of B also was assigned.

The ratings reflect Element Leasing's intrinsic creditworthiness, Fitch said.

Although the company benefits from close connections with Basic Element, the agency said it does not factor any institutional support into the ratings.

This is because Element Leasing is formally owned by an unrelated individual while the ability of Basic Element and its affiliated entities to provide support may be constrained or difficult to ascertain, Fitch said.

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