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S&P affirms First Cash
S&P said it affirmed its BB issuer credit rating on First Cash Financial Services Inc. The outlook remains stable.
At the same time, S&P also affirmed its rating on the company’s debt at BB. The recovery rating on the debt remains 3, reflecting an expectation of meaningful recovery (55%-60%) in a simulated default scenario.
The stable outlook reflects S&P’s expectation that over the next 12 months, the company's debt to EBITDA will remain between 1.5x-2.5x.
“We expect First Cash to deploy the majority of its cash flows to fund further expansion opportunities and share repurchases, as opposed to reducing leverage,” S&P said in a news release.
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