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

MEXICO CITY (S&P Global Ratings) Nov. 9, 2018--S&P Global Ratings today assigned its 'B+' global scale issue-level rating to Promerica Financial Corporation's (PFC; B+/Stable/B) proposed senior secured notes for up to $300 million. The tenure of the notes will be between 5 and 10 years, and they will bear a fixed rate with semiannual interest payments. The Panama-based holding company will use the proceeds mostly for full refinancing of its current debt structure and for business expansion. The issue-level rating on the notes is at the same level as the long-term global scale issuer credit rating on PFC. The rating constraint on PFC is its capitalization levels, with a projected risk-adjusted capital (RAC) ratio at about 4% for the next

...MEXICO CITY (S&P Global Ratings) Nov. 9, 2018--S&P Global Ratings today assigned its 'B+' global scale issue-level rating to Promerica Financial Corporation's (PFC; B+/Stable/B) proposed senior secured notes for up to $300 million. The tenure of the notes will be between 5 and 10 years, and they will bear a fixed rate with semiannual interest payments. The Panama-based holding company will use the proceeds mostly for full refinancing of its current debt structure and for business expansion. The issue-level rating on the notes is at the same level as the long-term global scale issuer credit rating on PFC. The rating constraint on PFC is its capitalization levels, with a projected risk-adjusted capital (RAC) ratio at about 4% for the next two years. The ratings also reflect the company's business stability, business line diversification, sound market share in the region, stable asset quality metrics, and low-cost funding structure primarily composed of retail deposits. Our long-term 'B+'...

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