Morningstar DBRS Assigns an A (low) Credit Rating to EFN's USD 650 Million 5.037% Senior Notes due 2030, Trend Stable

DBRS, Inc. (Morningstar DBRS) assigned a credit rating of A (low) to the USD 650 million 5.037% Senior Unsecured Notes due March 25, 2030 (the Notes) issued by Element Fleet Management Corp. (EFN or the Company).

The net proceeds from the Notes will be utilized for working capital and general corporate purposes, which includes the repayment of existing debt. The trend on the Notes is Stable.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/440081/morningstar-dbrs-upgrades-element-fleet-management-corp-to-a-low-trend-revised-to-stable for more information, including all relevant disclosures.

The ratings listed above are based on audited financial statements, interim financials, presentations, the Offering Memorandum (dated March 20, 2025), and information provided by EFN to Morningstar DBRS as of March 25, 2025.

Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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