Moody’s assigns Encore Ba2

Moody’s Investors Service said it assigned a corporate family rating of Ba2 to Encore Capital Group, Inc. Also, Moody’s placed the B1 ratings assigned to the senior secured notes issued by the funding entities of Encore’s operating subsidiaries Cabot Financial (Luxembourg) SA and Cabot Financial (Luxembourg) II SA on review for upgrade.

“This follows Encore’s group reorganization announcement aiming to combine the currently legally separate funding structures of its U.S. and EMEA operating subsidiaries under a new global funding structure [1]. Upon consummation of the transaction, Moody’s expects to upgrade the Cabot senior secured notes by one notch and to withdraw the CFR of B1 currently assigned to Cabot Financial Ltd.,” the agency said in a press release.

The outlook is stable, which reflects Moody's forecast Encore's financial performance in the next 12-18 months will remain consistent with its historical performance, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.