...December 4, 2023 NEW YORK (S&P Global Ratings) Dec. 04, 2023--S&P Global Ratings today said it assigned its 'B-' issue-level rating to Enova International's proposed issuance of $400 million of senior unsecured notes due 2028. The company plans to use net proceeds to refinance its existing $170 million of 8.5% senior unsecured notes due September 2024 and for general corporate purposes, including a partial paydown of outstanding amounts under its revolving credit facility. As of Sept. 30, 2023, the company's leverage was 2.57x. Pro forma, we expect debt to adjusted total equity (ATE) will remain relatively unchanged at around 2.6x, within our expectations for the current rating. The one-notch difference from the issuer credit rating (B/Stable/--) reflects our view that the unencumbered assets to unsecured debt ratio will remain below 1.0x after deducting assets pledged to nonrecourse secured debt. For the nine months ending Sept. 30, 2023, Enova's net charge-offs as a percentage of average...
