S&P rates Home Credit notes B+

Standard & Poor's said it assigned B+ long-term ratings to the proposed dollar-denominated senior unsecured loan participation notes due 2011 to be issued by Eurasia Capital SA.

The purpose of the notes is to finance a loan to Home Credit and Finance Bank LLC (B+/stable/B). The minimum amount of the proposed notes will be $250 million.

S&P said the issue will be used for an exchange offer for the $200 million 9½% loan participation notes due 2010 issued by Eurasia Capital in April 2007.

Ratings on HCFB reflect the bank's high credit risk, short track record in mass consumer lending, lack of funding diversification and high refinancing needs, the agency said.

Stengths include a supportive owner, good capitalization and adequate profitability, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.