...- Over the past few years due to regulatory rules, Enova has scaled back in making higher risk, short-term loans and transitioned to longer-duration installment loans and lines of credit. In addition, the company's acquisition of OnDeck Capital in 2020 enabled it to grow its small business loans, which as of September 30, 2022, was 60% of combined loan receivables. - As a result, we recently concluded our review of the rating on Enova under our financial institutions rating methodology, as we now believe the company is a better peer to consumer lenders rated under this methodology. - We affirmed our 'B' issuer credit rating on the company and our 'B-' issue credit rating on Enova's senior secured notes. - The stable outlook reflects our view that over the next 12 months, Enova will operate with leverage of 2.75x-3.5x and continue to transition to longer-duration loans and small business lending....
