Moody's assigns PRA Ba1, notes Ba2

Moody's Investors Service said it assigned a Ba1 corporate family rating to PRA Group, Inc., and a Ba2 unsecured debt rating to PRA's proposed $300 million of senior unsecured notes.

The Ba1 rating considers the company’s profitability and strong interest coverage as well as its low debt/EBITDA leverage, Moody’s said.

The Ba2 rating reflects the application of Moody's loss given default for speculative-grade companies methodology and their priorities of claims and asset coverage in the company's current liability structure, the agency said.

The outlook on PRA is stable, which mirrors Moody’s forecast PRA’s financial performance in the next 12-18 months will remain consistent with its historical performance.

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