S&P boosts Wheels

Standard & Poor's said it raised its counterparty credit rating on Wheels Inc. to A/A-1 from A-/A-2.

The outlook is stable.

The agency said that the upgrade is based on long-term improvements in profitability and operating efficiency, noting that the company's strong position within the fleet-leasing business has translated into consistent improvements in profitability, solid fleet growth and the addition of ancillary services that have bolstered earnings.

In addition, Wheels has proven its ability to navigate through multiple credit cycles, despite a heavy reliance on short-term capital market funding, S&P added.

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