For the 12 months ended March 31, 2021, Enova International Inc.'s (ENVA) leverage (measured as gross debt to adjusted EBITDA) was 1.9x. Despite operating challenges due to COVID-19, ENVA successfully integrated its OnDeck acquisition and maintained strong operating performance. As a result, we revised our outlook on Enova to stable from negative and affirmed our 'B' issuer credit and 'B-' issue- level rating on the company's notes due 2024 and 2025. The stable outlook reflects our expectation of leverage of 4.0x-5.0x, EBITDA coverage of 3.5x-4.5x, adequate liquidity, and a transition to longer-duration small business loans stemming from the OnDeck acquisition. On May 21, 2021, S&P Global Ratings revised its outlook on Enova International Inc. (ENVA) to stable from negative. At
