Promerica Financial Corp.'s Proposed Senior Secured Notes For Up To $300 Million Rated 'B+' - S&P Global Ratings’ Credit Research

Promerica Financial Corp.'s Proposed Senior Secured Notes For Up To $300 Million Rated 'B+'

Promerica Financial Corp.'s Proposed Senior Secured Notes For Up To $300 Million Rated 'B+' - S&P Global Ratings’ Credit Research
Promerica Financial Corp.'s Proposed Senior Secured Notes For Up To $300 Million Rated 'B+'
Published Jul 25, 2023
3 pages (1296 words) — Published Jul 25, 2023
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Abstract:

MEXICO CITY (S&P Global Ratings) July 25, 2023--S&P Global Ratings today assigned its 'B+' global scale issue-level rating to Promerica Financial Corp.'s (PFC; B+/Stable/B) proposed senior secured notes for up to $300 million. The tenure of the notes will be five years, and they will bear a fixed rate with semiannual interest payments. The Panama-based holding company will use the proceeds to redeem its existing senior notes due 2024 and the remainder for general corporate purposes, including business expansion. The rating on the proposed notes is at the same level as the long-term global scale issuer credit rating on PFC, which is one notch lower than the 'bb-' group credit profile, given that PFC is a non-operating company and its

  
Brief Excerpt:

...- General Criteria: Hybrid Capital: Methodology And Assumptions , March 2, 2022 - Criteria | Financial Institutions | Banks: Banking Industry Country Risk Assessment Methodology And Assumptions , Dec. 9, 2021 - Criteria | Financial Institutions | General: Financial Institutions Rating Methodology , Dec. 9, 2021 - General Criteria: Environmental, Social, And Governance Principles In Credit Ratings , Oct. 10, 2021 - General Criteria: Group Rating Methodology , July 1, 2019 - Criteria | Financial Institutions | General: Risk-Adjusted Capital Framework Methodology , July 20, 2017 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017...

  
Report Type:

Ratings Action

Ticker
0790811D@NC
Issuer
Promerica Financial Corp.
GICS
Regional Banks (40101015)
Sector
Global Issuers
Country
Panama
Region
Latin America
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Promerica Financial Corp.'s Proposed Senior Secured Notes For Up To $300 Million Rated 'B+'" Jul 25, 2023. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Promerica-Financial-Corp-s-Proposed-Senior-Secured-Notes-For-Up-To-300-Million-Rated-B-3024992>
  
APA:
S&P Global Ratings’ Credit Research. (). Promerica Financial Corp.'s Proposed Senior Secured Notes For Up To $300 Million Rated 'B+' Jul 25, 2023. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Promerica-Financial-Corp-s-Proposed-Senior-Secured-Notes-For-Up-To-300-Million-Rated-B-3024992>
  
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