S&P assigns B+ to OneMain Financial notes

Standard & Poor’s said it assigned a B+ issuer credit rating on OneMain Financial Holdings Inc. The outlook is stable.

S&P is also assigning a B+ issue rating to OneMain Financial Holdings’ $500 million senior unsecured notes due 2019 and $500 million senior unsecured notes due 2021.

“Standard & Poor’s rating on OneMain reflects the firm’s limited history as a stand-alone entity, elevated dependence on funding from the asset-backed securities (ABS) market, and greater credit risk owing to the relatively weak credit profile of most of its borrowers,” said S&P credit analyst Stephen Lynch in a news release.

The company’s solid market position in subprime installment lending and strong earnings relative to credit losses support the rating, the agency added.

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