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S&P: Enterprise notes BBB+
Standard & Poor's said it assigned a BBB+ rating to ERAC USA Finance LLC's notes, which are Rule 144A offerings without registration rights.
ERAC's parent, Enterprise Holdings Inc., guarantees the notes.
The proceeds will be used for general corporate purposes, including repayment of debt.
The ratings reflect Enterprise's leading market position in the relatively stable off-airport segment of the car rental industry, good earnings and cash flow generation, S&P said.
Despite expected pressure on earnings and cash flow because of higher vehicle prices, the agency said it expects Enterprise's financial profile to remain relatively consistent through 2013.
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