Enova International Inc. Issue Ratings Lowered To 'B-' And Taken Off UCO On Updated Recovery Criteria

NEW YORK (S&P Global Ratings) Dec. 13, 2016--S&P Global Ratings said today that it lowered the issue rating on Enova International Inc.'s $500 million 9.75% senior notes to 'B-' from 'B'. We also revised the recovery rating on the notes to '5' from '4'. The '5' recovery rating indicates our expectation for modest (10%-30%; lower end of the range) recovery for lenders in the event of default. The rating actions are the result of S&P Global Ratings reviewing its recovery and issue ratings for Enova International Inc. that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7, 2016. With our criteria review complete, we are removing the UCO designation from these ratings.

...NEW YORK (S&P Global Ratings) Dec. 13, 2016--S&P Global Ratings said today that it lowered the issue rating on Enova International Inc.'s $500 million 9.75% senior notes to 'B-' from 'B'. We also revised the recovery rating on the notes to '5' from '4'. The '5' recovery rating indicates our expectation for modest (10%-30%; lower end of the range) recovery for lenders in the event of default. The rating actions are the result of S&P Global Ratings reviewing its recovery and issue ratings for Enova International Inc. that were labeled as "under criteria observation" (UCO) after publishing its revised recovery ratings criteria on Dec. 7, 2016. With our criteria review complete, we are removing the UCO designation from these ratings. These rating actions stem solely from the application of our revised recovery criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues. Our recovery analysis includes the $35 million revolving...

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