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S&P ups OneMain, Springleaf
S&P said it upgraded OneMain Holdings Inc., OneMain Financial Holdings LLC and Springleaf Finance Corp. to B+ from B. The outlook on these entities is positive.
At the same time, S&P said it also raised the issue ratings on Springleaf Finance’s senior unsecured debt to B+ and AGFC Capital Trust preferred stock to CCC+. Subsequently, S&P withdrew its ratings on OneMain Financial Holdings at the issuer's request because its last remaining bonds have been paid off and the company does not intend to issue new ones.
S&P said the upgrade reflects that OneMain Holdings is deleveraging and has maintained net charge-offs within expectations, as well as a well-diversified funding profile.
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