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S&P lifts Enterprise Holdings
S&P said it raised its corporate credit rating on Enterprise Holdings Inc. to A- from BBB+ and raised the rating on the unsecured debt of ERAC USA Finance LLC to A- from BBB+ and affirmed the A-2 short-term rating.
The outlook is stable.
The agency said it based the upgrade on its expectation for improvements in the company’s financial risk profile, reflecting rising profits, cash flow and some benefits from the revised U.S. corporate tax code, which taken together should enable the company to reduce debt and improve credit quality.
“We expect to see EBIT interest coverage of at least 6x and the company's ratio of funds from operations (FFO) to debt to be in the low- to mid- 50% area, consistent with its higher rating,” S&P said in a news release.
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