S&P boosts Amigo Loans bonds to B-

S&P said it raised Amigo Loans Ltd.’s senior secured bond rating to B- from CCC+. The bonds were issued through Amigo Luxembourg SA financing unit. The agency also affirmed Amigo’s CCC long-term rating and revised the outlook to developing from negative.

“Amigo has made progress in moving away from insolvency, and so default. Since announcing its intention to pursue a revised scheme of arrangement in December 2021, Amigo has gained customer support for the scheme in May 2022, and received High Court approval for it shortly thereafter. This approval has provided Amigo with a path to avoiding an automatic managed wind-down, or another insolvency process. The next step for Amigo is to meet the conditions required under the revised scheme, which would allow it to resume normal lending operations,” the agency said in a press release.

The agency said it sees Amigo meeting the scheme’s lending condition.

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