S&P assigns BBB+ to ERAC USA notes

Standard & Poor's said it assigned its BBB+ issue rating to ERAC USA Finance LLC's senior unsecured notes.

The notes are a Rule 144A offering without registration rights.

ERAC's parent, Enterprise Holdings Inc., guarantees the notes.

Proceeds will be used for general corporate purposes.

S&P said the ratings reflect Enterprise Holdings’ leading market position in the relatively stable off-airport (replacement and local) segment of the car rental industry, its good earnings and its cash flow generation.

Enterprise Holdings (parent of Enterprise Rent-A-Car, Alamo Rent-A-Car and National Car Rental) is the largest car rental company globally, though most of its operations are based in the U.S., with more than $15 billion in revenues as of the fiscal year ended July 31, 2014.

S&P assesses Enterprise Holdings' business risk profile as "satisfactory," financial risk profile as "intermediate" and liquidity as "adequate," based on the criteria.

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