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Moody's gives TMX notes B3
Moody's Investors Service said it affirmed the B3 corporate family rating of TMX Finance LLC and assigned a B3 rating to the company's new issuance of senior secured second-lien notes.
The outlook is stable.
Moody's said the B3 corporate family rating reflects TMX's weakening capital structure post the senior notes issuance, the regulatory risk related to subprime lending as well as the company's limited geographic diversification and continuing aggressive debt-financed store growth. Furthermore, the significant debt maturity in 2018 creates refinancing risk for TMX.
The new $500 million notes have the same rating as TMX's corporate family rating as they represent a preponderance of the company's total debt, the agency said.
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