S&P ups Enterprise Fleet Management

S&P said it raised its long-term issuer credit rating on Enterprise Fleet Management Inc. to BBB+ from BBB.

The outlook is stable.

“The upgrade is based on Enterprise's low leverage and continued growth and profitability in the commercial fleet leasing market. We view the company's approximately 3.5x EBIT coverage of interest as strong, and both its debt-to-capital ratio of 75% and funds from operations (FFO) to debt of 35% as healthy for the business,” S&P said in a news release.

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