Fitch assigns BB+ to PRA notes

Fitch Ratings said it assigned an expected rating of BB+ to PRA Group Inc.’s planned $300 million of unsecured notes. PRA has a long-term issuer default rating of BB+.

“The proposed unsecured debt rating is equalized with PRA's long-term IDR, reflecting the funding mix and Fitch's expectation of average recovery prospects in a stressed scenario. The proposed ratings are consistent with the ratings on the existing unsecured debt,” Fitch said in a press release.

The proceeds are expected to be used to repay borrowings under the secured North American Revolving credit facility.

The outlook is stable.

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