Fitch rates PRA, notes BB+

Fitch Ratings said it assigned PRA Group Inc. a long-term issuer default rating and its planned $300 million of senior unsecured notes BB+ ratings.

“PRA’s ratings reflect its performance track record over several business cycles and its leading global franchise within the debt purchasing sector, where the group benefits from its dominant market position in the US and from its presence and diversification across 18 countries in Europe, the Americas and APAC,” Fitch said in a press release.

The proceeds will principally be used to partially pay-down drawings made against the company’s dollar-denominated North American revolving credit facility. “Therefore Fitch does not expect the transaction to impact PRA’s leverage ratios, but notes the increased financial flexibility from the issuance,” Fitch said.

The outlook is stable reflecting medium-term risks from the pandemic, the agency said.

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