S&P upgrades Enterprise Fleet

S&P said it raised the long-term issuer credit rating on Enterprise Fleet Management Inc. to BBB from BBB-.

The outlook is stable.

The agency said the upgrade is based on the company's continued growth in the fleet leasing market. The aggregate balance of the company's fleet leasing portfolio has grown to $5.5 billion with 381,000 leases in 2017 from $3.5 billion with 256,000 leases in 2013.

“Over this five-year period, Enterprise reported just $8.6 million in cumulative credit losses, which equates to less than five basis points a year. This loss experience supports our view of conservative underwriting,” S&P said in a news release.

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