Moody’s downgrades Encore

Moody's Ratings said it downgraded Encore Capital Group, Inc.'s corporate family rating to Ba2 from Ba1 and its backed senior secured debt rating to Ba3 from Ba2.

The outlook remains stable.

“The downgrade of Encore's CFR by a notch to Ba2 reflects Moody's view that the company's profitability and debt servicing capacity will converge to pre-2020 levels and will remain below the highs observed over the past few years primarily due to elevated funding costs and lower investment opportunities with high risk-adjusted gains,” the agency said in a news release.

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