Moody’s ups Curo, rates notes B3

Moody's Investors Service said it upgraded Curo Group Holdings Corp.'s corporate family rating and Curo Financial Technologies Corp.'s senior secured rating to B3 from Caa1.

The outlook is stable.

The agency assigned a B3 senior secured rating to the new $675 million senior secured notes, which will be issued out of Curo Group Holdings.

The action follows Curo's note refinancing announcement, whereby it expects to issue $675 million seven-year senior secured notes to refinance its existing $512 million 12% senior secured notes maturing in 2022, Moody’s said.

“Reflected in the upgrade is the company's further improved funding profile; if the transaction is consummated as planned, Curo will have no term debt maturities until 2025,” the agency said in a news release.

“The upgrade also reflects Curo's strong profitability, which would be further boosted by a reduction in interest expense, given the expected lower pricing on the new notes.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.