Moody’s turns Cobra outlook to negative

Moody’s Investors Service said it changed its outlook for Cobra AcquisitionCo LLC, the holding company for Exeter Finance LLC, to negative from stable and affirmed its B2 corporate family and senior unsecured ratings.

“The change in outlook to negative from stable reflects Exeter's weakened capital cushion supporting a non-prime auto lending portfolio as macroeconomic challenges persist into 2024,” Moody’s said in a press release.

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