Research Update: Enova International Outlook Revised To Stable From Negative On Improving Leverage; Senior Unsecured Notes Rated 'B-' - S&P Global Ratings’ Credit Research

Research Update: Enova International Outlook Revised To Stable From Negative On Improving Leverage; Senior Unsecured Notes Rated 'B-'

Research Update: Enova International Outlook Revised To Stable From Negative On Improving Leverage; Senior Unsecured Notes Rated 'B-' - S&P Global Ratings’ Credit Research
Research Update: Enova International Outlook Revised To Stable From Negative On Improving Leverage; Senior Unsecured Notes Rated 'B-'
Published Sep 10, 2018
7 pages (1993 words) — Published Sep 10, 2018
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Enova International's leverage has improved because of stronger-than-expected adjusted EBITDA. Debt to adjusted EBITDA declined to 4.0x at the end of the second quarter 2018 from 5.0x at the end of 2017. We are revising our outlook on Enova International to stable from negative. At the same time, we are assigning a 'B-' issue-level rating and '5' recovery rating to Enova's announced issuance of $375 million of senior unsecured notes due 2025, and affirming our 'B' long-term issuer credit rating on the company. The stable outlook reflects our view that Enova will continue to operate with debt-to-adjusted EBITDA of 3.5x-4.5x over the next 12 months. We also expect EBITDA to continue to benefit from growth in installment loan products. On

  
Brief Excerpt:

...+ Enova International's leverage has improved because of stronger-than-expected adjusted EBITDA. Debt to adjusted EBITDA declined to 4.0x at the end of the second quarter 2018 from 5.0x at the end of 2017. + We are revising our outlook on Enova International to stable from negative. + At the same time, we are assigning a 'B-' issue-level rating and '5' recovery rating to Enova's announced issuance of $375 million of senior unsecured notes due 2025, and affirming our 'B' long-term issuer credit rating on the company. + The stable outlook reflects our view that Enova will continue to operate with debt-to-adjusted EBITDA of 3.5x-4.5x over the next 12 months. We also expect EBITDA to continue to benefit from growth in installment loan products....

  
Report Type:

Research Update

Issuer
Enova International, Inc.
GICS
Consumer Finance (40202010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Enova International Outlook Revised To Stable From Negative On Improving Leverage; Senior Unsecured Notes Rated 'B-'" Sep 10, 2018. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Enova-International-Outlook-Revised-To-Stable-From-Negative-On-Improving-Leverage-Senior-Unsecured-Notes-Rated-B-2097242>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Enova International Outlook Revised To Stable From Negative On Improving Leverage; Senior Unsecured Notes Rated 'B-' Sep 10, 2018. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Enova-International-Outlook-Revised-To-Stable-From-Negative-On-Improving-Leverage-Senior-Unsecured-Notes-Rated-B-2097242>
  
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