S&P revises TMX Finance view to stable

S&P said it revised the outlook for TMX Finance LLC to stable from positive and affirmed its B- rating on the company and its 11 1/8% senior secured notes due 2023. The 4 recovery rating is unchanged.

The outlook revision reflects our view that it's unlikely we will raise our ratings due to uncertainty related to the Covid-19 pandemic coupled with upcoming 2020 U.S. presidential election. We expect the pandemic to lead to reduced originations, increased provision for credit loss and higher charge-offs,” S&P said in a press release.

S&P said it expects leverage of 4x-5x, EBITDA interest coverage of 2x-2.5x with no imminent refinancing risk for the company.

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