Fitch rates International Personal notes BB-

Fitch Ratings said it assigned International Personal Finance plc's planned issue of 12% senior unsecured notes due 2027 an expected rating of BB-.

IPF is also making an offer to holders of its 7¾% notes due 2023 to exchange them for the new notes, and any notes issued through the exchange offer will form a single series with the new notes on settlement on Dec. 12.

“The expected rating is in line with IPF's long-term issuer default rating (IDR), reflecting Fitch's expectation of average recovery prospects, given that all of IPF's funding is unsecured,” the agency said in a press release.

The proceeds will be used for general corporate purposes and will extend the maturity profile of IPF's borrowings.

The outlook is stable.

© 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.