S&P rates Enterprise Fleet BBB-

Standard & Poor's said it assigned a BBB- issuer credit rating on Enterprise Fleet Management.

The outlook is stable.

The ratings reflect the company's growing market share in the fleet-leasing industry, S&P said.

Although the industry wide number of fleet vehicles leased has fallen slightly over the past few years, the company has been able to grow its business by focusing on the underserved, smaller fleets, the agency said.

The fleet-leasing industry is relatively small and highly service oriented, limiting the appetite and ability of opportunistic banks and finance companies to build the necessary infrastructure to enter the market, S&P said.

The industry's profitability is strong and steady, the agency added, but probably not high enough to attract investors seeking more aggressive returns.

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