S&P affirms 4finance

S&P said it affirmed its B+ long-term issuer credit rating on 4finance Holding SA.

The outlook is stable.

At the same time, the agency affirmed the B+ issue rating with a 4 recovery rating on the unsecured debt issued by 4finance SA. The recovery rating indicates recovery prospects in the 30%-50% range (rounded estimate: 45%) in the event of a payment default.

“After a phase of aggressive growth, we continue to believe that 4finance's new management and revised corporate strategy reduces previous risks associated with rapid expansion,” S&P said in a news release.

“We believe that 4finance's somewhat weaker credit metrics observed at end-2017 were temporary and expect the underlying trajectory towards less leverage to materialize over the end of this year and through 2019.”

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