S&P ups Together Financial

S&P said it raised its long-term issuer credit rating on Together Financial Services Ltd. to BB and its long-term issuer credit rating on the holding company, Bracken MidCo1 plc, to BB-. The agency also boosted to BB from BB- the ratings on the senior secured notes issued by Jerrold Finco plc, a subsidiary of Together, and to BB- from B+ the payment-in-kind toggle notes issued by Bracken.

“Together has maintained its resilient performance and comfortable capital position amid a difficult U.K. economic environment. Despite mounting economic pressure in the U.K., Together has continued to record resilient earnings and strong growth in its lending, at the same time as preserving its solid base of tangible capital,” S&P said in a press release.

“Together's funding and liquidity remain solid, underpinned by long-term senior secured funding, expanded public residential mortgage-backed securities (RMBS) and commercial real estate (CRE) programs, and significant headroom in its private warehouse facilities,” the agency added.

The outlook is stable.

© 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.