Enova withdrew its plan to acquire Grasshopper Bancorp due to increased political pressures and lack of clear regulatory standards for nonbanks looking to enter the banking system. As of Sept. 30, 2026, Enova reported leverage of 4.2x and net revenue margin of around 60% while growing its tangible equity and maintaining 30-day delinquencies and quarterly net charge-offs at 8%. As a result, we revised our outlook on Enova to stable from positive and affirmed our'B'issuer and issue-level credit ratings. The stable outlook reflects our expectations that Enova's higher risk-adjusted yield will allow it to grow tangible equity and that it will operate with leverage, as measured by debt to adjusted total equity, between 3.5x-4.5x. On Oct. 27, 2026,
