Moody’s boosts ERAC USA Finance

Moody's Investors Service said it upgraded the backed senior unsecured notes of ERAC USA Finance LLC to A3 from Baa1 and the backed senior unsecured medium-term note program to P(A3) from P(Baa1). ERAC USA Finance is the wholly owned finance subsidiary of Enterprise Holdings, Inc., which guarantees its debt. The outlook was changed to stable from positive.

“The upgrade reflects Enterprise's ability to contend with cyclical and other challenges, notably the ability to adapt its fleet size expeditiously in the event rental demand abruptly wanes. The upgrade also considers Enterprise's strong position in off-airport locations, its conservative financial policies and discretionary shareholder distributions under private ownership,” the agency said in a press release.

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