Fitch affirms International Personal Finance

Fitch Ratings said it affirmed International Personal Finance plc's long-term issuer default rating at BB+, short-term issuer default rating at B and senior unsecured debt at BB+.

The outlook is stable.

The ratings reflect the significant credit, operational, regulatory and foreign-exchange risks arising from unsecured home-collected lending in emerging markets, Fitch said, as well as its modest business scale and diversification.

The company's funding is undiversified, relying solely on wholesale funding and its business model faces technological challenges, the agency said.

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