Fitch pumps up Promerica Financial

Fitch Ratings said it upgraded Promerica Financial Corp.'s long-term issuer default rating to B+ from B and its senior secured debt ratings to B+/RR4 from B/RR4.

“This ratings upgrade reflects the improvement in PFC's profitability and capitalization over the last two years and a demonstrated ability of the holding company's financial performance to withstand operating environment (OE) challenges. After consecutive downgrades of the OE in key jurisdictions, PFC has demonstrated that its company profile supports the maintenance of reasonable financial metrics under stress and its core profitability ratio has recovered to similar levels prior to 2018,” Fitch said in a press release.

The outlook is stable.

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