Enova International is issuing $250 million of senior unsecured notes due in 2024. The company plans to use $155 million to repurchase some of its existing senior notes due in 2021 over the next 12 months. Although Enova has made progress diversifying its revenue sources over the past couple years, a sizeable portion of the firm's business model and earnings remains vulnerable to pending payday rule changes from the Consumer Financial Protection Bureau. We are affirming our 'B' issuer credit rating on the company. At the same time, we are assigning our 'B-' issue rating to the new $250 million senior unsecured notes due 2024. The outlook remains negative and reflects the company's aggressive leverage and exposure to pending rule
