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S&P cuts DFC, rates subsidiaries' notes B
Standard & Poor's said it lowered its issuer credit rating on DFC Global Corp. to B from B+.
The outlook is stable.
At the same time, the agency assigned its B issue rating to the company's proposed $650 million senior unsecured notes that will be issued from subsidiaries National Money Mart Co. and Dollar Financial UK Holding plc.
"The downgrade reflects our view that new regulatory requirements in the U.K. - where DFC generated 34% of its consolidated revenues from unsecured consumer lending during the most recent quarter--will reduce earnings and result in higher debt to EBITDA in 2014," S&P credit analyst Igor Koyfman said in a news release.
The proposed $650 million senior unsecured notes, which the company will use to refinance its existing $600 million notes, will also result in slightly higher leverage, the agency said.
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