Moody’s might lift TMX Finance

Moody's Investors Service said it placed TMX Finance LLC’s Caa2 corporate family and senior secured ratings under review for upgrade.

Moody’s said the review follows TMX's announcement of its offering to issue new five-year senior secured notes that will be used to repay existing notes scheduled to mature in September 2018.

“The completion of this offering at manageable terms would remove near-term refinancing risk thereby allowing the company sufficient time to continue with its initiatives to diversify its product offerings, improve store-level profitability, improve portfolio credit quality and continue to optimize system-wide functions to more effectively position the company going forward,” the agency said in a news release.

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