Moody's eyes OneMain for upgrade

Moody's Investors Service said it placed OneMain Holdings, Inc.'s long-term Ba3 corporate family rating on review for upgrade. Concurrently, Moody's placed OneMain Finance Corp.'s Ba3 issuer and Ba3 senior unsecured ratings on review for upgrade.

“The review for upgrade will consider the benefit to creditors from the company's demonstrated strong liquidity management, which was tested during the coronavirus pandemic. OneMain's liquidity management reacted to sudden changing market conditions amid the onset of the coronavirus pandemic in March 2020 by building its cash position drawing down on its bank conduit lines,” Moody’s said in a press release.

The review will also evaluate OneMain's improved funding profile evidenced by its staggered maturity profile and decreasing reliance on confidence-sensitive secured funding, the agency said.

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