Fitch affirmed Element Fleet Management Corp.'s long-term issuer default rating and senior secured credit facility rating at BBB+.

The outlook on the ratings is negative.

The ratings affirmation and the outlook reflect the "absence of material development" on the company since it was last reviewed, Fitch wrote.

However, the rating agency also attributed the ratings to the company's solid asset quality, minimal residual value risk in its core fleet portfolio and stable cash flow.

Fitch previously affirmed the company's ratings relating to an updated strategic plan. The most recent affirmation is related to the rating agency's peer review of fleet leasing companies.