Fitch cuts International Personal Finance, debt

Fitch Ratings said it downgraded International Personal Finance plc's long-term issuer default rating and senior debt ratings to BB from BB+ and removed the ratings from Rating Watch Negative (RWN).

The outlook is negative.

The short-term issuer default rating was affirmed at B.

Fitch said the downgrade primarily reflects its view that International Personal Finance’s capacity to ensure stability of earnings has reduced, in the light of increased regulatory pressure on its business model and less consistent performance in some of its home-collected credit markets, at a time when it is still building its newer digital business.

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