Research Update: Enova International Outlook Revised to Positive On Grasshopper Bancorp Inc. Acquisition; 'B' Credit Rating Affirmed

On Dec. 11, 2025, Enova International Inc. signed a definitive agreement to acquire Grasshopper Bancorp Inc., and its wholly owned subsidiary Grasshopper Bank N.A., in a cash and stock transaction for about $369 million. After the transaction closes in the second half of 2026, Enova will become a Federal Reserve regulated bank holding company, and Grasshopper Bank will retain its national bank charter. As a result, we revised our outlook on Enova to positive from stable and affirmed our 'B' issuer credit rating. We also raised our issue level rating on Enova's senior unsecured notes to 'B' from 'B-' as we expect unencumbered assets to be above unsecured debt. The positive outlook reflects our expectations that over the next 12

...Rating Component Scores Issuer Credit Rating B/Positive/-- SACP b Anchor ##+ Business position Moderate (-1) Capital and earnings Adequate (0) Risk position Constrained (-2) Funding and liquidity Moderate and Adequate (-1) Comparable ratings analysis 0 Support 0 ALAC support 0 GRE support 0 Group support 0 Sovereign support 0 Additional factors 0 SACP--Stand-alone credit profile. ALAC--Additional loss-absorbing capacity. GRE--Government- related entity....

Research Update