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Canada's Magazine for Financing & Leasing Executives

September 19, 2014

Element receives BBB+ issuer, senior unsecured rating

TORONTO--Element Financial announced it has received an issuer and senior unsecured rating of BBB+ from Kroll Bond Rating Agency (KBRA). “The ratings are supported by Element’s franchise strength and growing market position in Canada as well as the U.S., a highly experienced management team, focus on key business relationships, and strong asset quality,” noted KBRA in announcing the rating. The assigned rating carries a stable outlook.

Following the July 7, 2014 closing of the company’s acquisition of PHH Arval, Element’s total sources of liquidity amounted to more than $9.7 billion provided to the company through term funding agreements, various private and public securitization conduits and unsecured convertible debt with Canadian and U.S.-based banks and life insurance companies.

With the confirmation of a BBB+ investment grade issuer and senior unsecured rating, the company plans to further diversify its funding sources by accessing the U.S. term note market as a source of additional liquidity that will complement these established facilities and lower its overall funding costs.

“This initial investment grade rating of our unsecured debt by Kroll is an important step in maturing our capital structure,” says Steven K. Hudson, chairman and CEO of Element Financial Corporation. “In addition to offering an independent third party assessment of the quality of the balance sheet that supports our business model, this rating sets Element on a path to achieving reduced funding costs that will help drive the strong equity returns that our business has been designed to deliver,” adds Mr. Hudson.



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