Moody's gives B2 to TMX Finance

Moody's Investors Service said it assigned a B2 corporate family rating to TMX Finance LLC and a B2 rating to the $225 million senior secured notes offering.

The outlook is stable.

The B2 corporate family rating reflects TMX's monoline nature, exposure to the deep subprime consumer segment and relatively modest size, the agency said.

Also, TMX's limited geographic diversification exposes it to potential state-specific regulation or economic issues, the agency noted.

At the same time, Moody's noted TMX's long history of operations in the fragmented subprime lending space, solid secular demand fundamentals for its core title lending product, and experienced management team.

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