Moody's affirmed WEX Inc.'s Ba3 corporate family, senior unsecured debt, and senior secured bank credit facility ratings.
The rating agency also revised the ratings outlook to positive from stable.
The affirmation reflects the payment processor's strong market position in its core fleet payment solutions business, Moody's said, adding that the acquisition of Electronic Funds Source further bolstered that business. The rating agency also cited the company's strong operating margins, profitability and asset quality metrics related to its charge card receivables as factors in the ratings affirmation.
The outlook change reflects the strengthening of WEX's franchise in specialty payments, its strong financial performance and the reduction in its leverage over the past year, according to Moody's.
