S&P rates Oxford Finance notes B

S&P said it assigned a B issue rating to Oxford Finance LLC's planned offering of $400 million of senior unsecured notes.

“Our rating on Oxford Finance's senior unsecured notes is two notches below the issuer credit rating on the company because its balance sheet is highly encumbered, with little unpledged assets available to repay debt in the event of a default,” S&P said in a press release.

Oxford will use the proceeds to repay its $300 million of 6 3/8% senior unsecured debt due 2022 and for general and corporate purposes, including a temporary $92 million reduction in its senior secured debt held at Oxford's funding vehicles.

The issuer rating remains BB-, and the outlook is stable, the agency said.

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