S&P revises FleetCor view to stable

S&P said it revised its outlook on FleetCor Technologies Inc. to stable from positive and affirmed the BB+ issuer credit rating and senior secured issue ratings on FleetCor. The recovery rating on the notes remains 3 (60% recovery expectation).

“The outlook revision reflects our view that the potential for continued share repurchases and additional acquisitions, along with macroeconomic uncertainty, will lead to FleetCor's leverage to remain around 3.0x.,” S&P said in a news release.

“Furthermore, in conjunction with FleetCor maintaining leverage well below 3.0x, the previous possibility of an upgrade was also dependent on a resolution to the company's ongoing litigation with the Federal Trade Commission (FTC), which continues to get pushed out.”

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