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S&P lifts ACE Cash, rates notes B-
S&P said it raised the issuer credit rating on ACE Cash Express Inc. to B- from CCC+ and assigned a B- issue rating to the company's new senior secured notes due 2022.
The recovery rating is 3, indicating an expectation of meaningful (55%) recovery in the event of default.
The outlook is stable.
ACE recently announced the refinancing of its existing 11% senior secured notes due 2019 at par with the issuance of new $290 million senior secured notes due 2022.
“We positively view the company's desire to extend its debt maturity and believe there is no imminent default risk over the next 12 months,” the agency said in a news release.
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