S&P lifts OneMain

S&P said it raised its ratings for OneMain Holdings Inc., subsidiary OneMain Finance Corp. and the unsecured rating to BB from BB-. The agency also upgraded AGFC Capital Trust's preferred stock to B.

“The upgrade reflects OneMain's steady operating performance and our expectation that this performance will likely remain strong over the next year. We expect origination volume will likely exceed pre-pandemic levels in 2022 as forbearance programs expire, government stimulus fades and subprime consumer demand remains robust. This year the company expects managed receivables growth of 5%-10%,” S&P said in a press release.

The outlook is stable.

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