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DBRS confirms Element Fleet Management's BBB (high) rating

DBRS confirmed Element Fleet Management Corp.'s long-term issuer rating of BBB (high) and short-term issuer rating of R-2 (high) with a stable trend on all ratings.

The rating agency considered Element Fleet Management's strong franchise that is led by its international commercial fleet management business when making its decision.

DBRS also took into account the company's progress in executing its transformation initiative launched in October 2018, which involves a host of actions geared toward generating about $150 million in pretax operating income improvements by the end of 2020.

Element Fleet Management's rating was also based on its improved-but-still-elevated leverage, reliance on secured forms of wholesale funding and profitability metrics that lag the DBRS peer group at the next rating level.