S&P assigns B- to Enova notes

S&P said it revised its outlook on Enova International Inc. to stable from negative and affirmed its B long-term issuer credit rating.

At the same time, the agency assigned a B- rating and 5 recovery rating to Enova's announced issuance of $375 million of senior unsecured notes due 2025. The 5 recovery rating reflects an expectation of a modest 10% recovery in a hypothetical default scenario.

The revision of the outlook is not contingent on the completion of Enova's proposed refinancing.

“The revision of our outlook to stable reflects S&P Global Ratings' view that Enova will maintain leverage of 3.5x-4.5x debt to EBITDA over the next year. Debt to adjusted EBITDA declined to 4.0x at the end of the second quarter from 5.0x at the end of 2017,” S&P said in a news release.

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