S&P lifts Avanti

Standard & Poor's said it raised the long-term issuer credit rating on Avanti Finance Ltd. (Avanti) to BB from BB-, along with the short-term issuer credit rating at B.

The outlook is stable.

The upgrade reflects the sustained improvement of Avanti's financial risk profile to a level commensurate with a BB rating, S&P said.

The upgrade also importantly recognizes the ongoing support from Avanti's banker and debenture investors, the agency said.

Underpinning the assessment of Avanti's risk profile is its appetite for double-digit loan growth, S&P added. While this desire for rapid growth could pose a credit risk, Avanti has reined in its expectations with reasonable underwriting practices, the agency said.

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