S&P assigns BBB+ to notes of Enterprise Holdings unit

Standard & Poor’s said it assigned its BBB+ issue rating to ERAC USA Finance LLC’s senior unsecured notes. The notes are a rule 144A offering without registration rights.

ERAC’s parent, Enterprise Holdings Inc., guarantees the notes. The company will use proceeds for general corporate purposes.

S&P said the ratings on Enterprise Holdings reflect the company’s leading market position in the relatively stable off-airport (i.e., replacement and local) segment of the car rental industry, its good earnings, and its cash flow generation.

“We assess Enterprise Holdings’ business risk profile as ‘satisfactory’ and its financial risk profile as ‘intermediate,’” S&P said in a news release.

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