S&P lifts WEX view to stable

S&P said it revised its outlook on WEX Inc. to stable from negative and affirmed its BB- long-term issuer credit rating.

At the same time, S&P affirmed the BB- ratings on the company's senior secured credit facility, including term loans and a revolver, as well as its secured notes. The recovery ratings on the senior secured credit facility and the senior secured notes remain at 3, indicating an expectation for meaningful (50%) recovery for lenders in the event of a payment default.

“We have revised our rating outlook on WEX to stable to reflect progress the company has made in lowering leverage and growing earnings organically in all three business segments as well as on the back of the Electronic Funds Source LLC (EFS) acquisition in July 2016,” said S&P credit analyst Chris Cary in a news release.

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