Fitch assigns Donlen, loans BBB-

Fitch Ratings said it published the BBB- issuer default ratings assigned to Donlen LLC and Freedom Intermediate LLC (collectively Donlen). The agency also assigned BBB- to Donlen's senior secured term loans and credit facility.

Fitch simultaneously downgraded the long-term IDR of Wheels, Inc. to BBB- from A, removed Wheels' negative rating watch and withdrew all of Wheels' ratings. Wheels is not expected to issue any debt.

“The rating actions follow the finalization of the merger of Donlen and Wheels on Oct. 27, 2021. The combined company will operate under both the Wheels & Donlen brands, and will be referred to as Wheels/Donlen (collectively W&D),” the agency said in a press release.

The outlook is stable.

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