In the first quarter of 2016, Enova International Inc. has increased leverage through a new consumer loan securitization facility to fund installment loan originations. We are affirming our rating on Enova's senior notes at 'B' and revising our recovery rating to '4' from '3'. We are also affirming our 'B' issuer credit rating on Enova. The negative outlook reflects our expectation that Enova's credit profile may weaken and remains vulnerable to impending federal and state regulatory development, which may hamper growth, profitability, and liquidity. On May 6, 2016, S&P Global Ratings affirmed its 'B' issuer credit rating on Enova International Inc. The outlook remains negative. We also affirmed our senior unsecured debt rating at 'B' and revised the recovery rating
