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Fitch upgrades OneMain
Fitch Ratings said it upgraded the long-term issuer default ratings of OneMain Holdings, Inc., OneMain Financial Holdings, LLC and Springleaf Finance Corp. to B from B-.
The agency also upgraded the senior unsecured debt ratings of OneMain Financial and Springleaf to B+/RR3 and B/RR4 from B/RR3 and B-/RR4, respectively. The AGFC Capital Trust I trust preferred securities were upgraded to CCC/RR6 from CC/RR6.
The outlook remains positive
“The ratings upgrade reflects the steady decline in the company's leverage since the closing of the Springleaf acquisition of OneMain in November 2015, the completion of the key components of merger integration, the refinancing of sizeable 2017 debt maturities at a reasonable cost, and the improving credit performance of the portfolio and liquidity position of the firm over the past year,” Fitch said in a news release.
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