Moody’s alters Enova view to negative

Moody’s Investors Service said it changed the outlook for Enova International Inc. to negative from under review and confirmed its B2 senior unsecured and corporate family ratings.

“The negative outlook reflects the risks to creditors from remaining operational risks associated with integrating the OnDeck business, particularly during a period of substantial economic volatility stemming from the coronavirus pandemic,” Moody’s said in a press release.

Somewhat offsetting these risks is Enova’s strong liquidity, which included $490 million in unrestricted cash and $124 million in revolver availability at the legacy Enova business at Sept. 30 2020, which should allow the firm to fund its operations until well into 2021 without needing to access the capital markets, Moody’s said.

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