S&P changes OneMain to positive

S&P said it revised its outlook on OneMain Holdings Inc. and its rated subsidiaries to positive from stable and affirmed the B issuer credit ratings on OneMain Holdings, OneMain Financial Holdings, LLC and Springleaf Finance Corp.

The agency also affirmed the B issue ratings on OneMain Financial and Springleaf's senior unsecured debt, as well as the CCC issue rating on Springleaf's junior subordinated debt.

S&P said the positive outlook reflects the firm's shift toward more secured lending, declining leverage, moderate growth in receivables and diversified funding mix.

The agency said the positive outlook reflects expectations that over the next 12 months OneMain will maintain its competitive position in nonprime consumer lending and continue to gradually reduce its leverage to about 7.0x.

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