Enterprise Ratings Unchanged
The car rental company's S&P ratings and outlook remain consistent after the Vanguard buyout.
Standard & Poor's Ratings Services said Enterprise Rent-A-Car Company's 'BBB/Stable/A-2' ratings and outlook remain unchanged after the acquisition of Vanguard Car Rental USA Holdings Inc, the parent of the Alamo and National car rental brands this month.
S&P said Enterprise's business risk profile will be negatively affected by its increased exposure to the more cyclical and competitive on-airport car rental sector, in which Vanguard operates, compared to the off-airport business where Enterprise has a leading position.
The rating agency added that Enterprise's leverage will increase and its credit ratios will weaken with the addition of approximately 4 bln usd of Vanguard's secured asset-backed vehicle debt.
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