S&P rates WEX loan BB

Standard & Poor's said it assigned a BB long-term issuer credit rating with a stable outlook on WEX Inc., along with a BB rating on the company's existing $1.1 billion senior credit facility and proposed $350 million fixed-rate 10-year senior unsecured notes.

The ratings on the company, which was previously known as Wright Express Corp., reflect risks associated with the company's growth strategy, reliance on dividends and other payments from WEX Bank, WEX's exposure to volatility in fuel prices and the competition in the fleet-cards market, S&P said.

Offsetting factors include the company's strong market position in the fleet-cards market, high margins, well-managed credit risk and more diverse funding profile compared with other finance companies, the agency said.

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