Fitch affirms Provident Financial

Fitch Ratings said it affirmed Provident Financial plc's long-term issuer default rating and senior unsecured debt rating at BBB-.

The outlook is negative.

“The affirmation reflects the continuing recovery of Provident's financial performance and home-collected credit franchise following poorly executed changes to its home credit business model in mid-2017,” the agency said in a news release.

“The ratings also take into account Provident's adequate capitalisation and liquidity profile, which benefits from the company's cash-generative business model.”

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