S&P puts Fairstone on developing watch

S&P said it placed Fairstone Financial Inc.’s ratings on CreditWatch with developing implications. Fairstone’s owner J.C. Flowers & Co. LLC announced it plans to sell the company to Duo Bank of Canada.

The terms of the transaction, which is subject to regulatory approvals and expected to close in second-quarter, were not disclosed. The CreditWatch placement reflects the limited information about the credit profile of Duo Bank and its financial and strategic plans for Fairstone at this time, S&P said.

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