09:44 AM EST, 03/05/2024 (MT Newswires) -- S&P Global Ratings on Monday assigned its BBB issue-level rating to Element Fleet Management Corp.'s ( ELEEF ) proposed issuance of $750 million senior unsecured notes due 2027.

The issue-level rating on the proposed notes is the same as S&P's BBB issuer credit rating on Element, the rating agency said.

"Despite macroeconomic headwinds, we expect Element to maintain its industry-leading position in the automotive fleet management industry, continue to generate stable earnings, and maintain ongoing access to wholesale financing markets," the rating agency said.

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