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Moody’s stabilizes World Acceptance view
Moody’s Ratings said it revised its outlook for World Acceptance Corp. (WRLD) to stable from negative and affirmed its B2 corporate family rating and B3 senior unsecured rating.
“WRLD's asset quality has improved considerably over the last 18 months. Like many non-prime consumer lenders, WRLD experienced rising delinquencies and net charge-offs in 2022, with the rate of annualized net charge-offs to average gross loans and leases rising to 17.2% for the nine months ended Dec. 31, 2022, well above levels in the comparable period in 2019.
“The company responded by tightening underwriting, which has translated to an improvement in overall portfolio credit quality. For the nine months ended Dec. 31, 2023, the annualized net charge-off rate was a much improved 12.7% and in line with 2019 levels,” Moody’s said in a press release.
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