S&P assigns B+ to Promerica notes

S&P said it assigned its B+ global scale issue-level rating to Promerica Financial Corp.'s planned five-year senior secured notes for up to $300 million.

“The rating on the proposed notes is at the same level as the long-term global scale issuer credit rating on PFC, which is one notch lower than the bb- group credit profile, given that PFC is a non-operating company and its debt is structurally subordinated to that of the operating companies,” S&P said in a press release.

The company will use the proceeds to redeem its senior notes due 2024 and the rest for general corporate purposes, including business expansion.

The outlook is stable.

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