Moody's upgrades FleetCor

Moody's Investors Service said it upgraded FleetCor Technologies Operating Co. LLC's corporate family rating to Ba1 from Ba2 and existing senior secured credit facilities rating to Ba1 from Ba2.

The SGL-1 speculative grade liquidity rating also was affirmed.

The outlook remains stable.

The upgrades reflect FleetCor's increasingly scaled and diversified portfolio of leading business-to-business payments solutions supported by positive secular growth trends and strong competitive positions, including the largest U.S. fleet card network, Moody's said.

The company's fuel, corporate payments, tolls and lodging businesses together accounted for 83% of revenue in 2018, the agency said, and are each consistently delivering organic growth rates of 10% or higher.

Each of these four core businesses are characterized by leading competitive positions, high profitability driven by scale economies and solid free cash flow generation, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.