Moody's assigns LFS TopCo, bond B1

Moody's Investors Service said it assigned first-time a B1 corporate family rating to LFS TopCo, LLC (Lendmark), the indirect, holding company of Lendmark Financial Services, LLC. The agency also assigned a B1 long-term unsecured rating to the company's expected $300 million unsecured bond issuance maturing in 2026.

“The assignment of the B1 CFR reflects the company's solid profitability and capitalization along with its stronger than peer average liquidity runway compared to single-B rated companies. Partly offsetting the benefits from these positive credit attributes is the refinancing risk stemming from the company's high levels of secured funding and the resulting low levels of unencumbered assets that it could use to access alternate liquidity sources should an unexpected need arise,” Moody’s said in a press release.

The outlook is stable.

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