Moody’s alters Amigo view to stable

Moody’s Investors Service said it revised Amigo Loans Ltd.’s outlook to stable from under review and confirmed its Caa1 corporate family rating and Amigo Luxembourg SA’s B3 backed senior secured note rating.

This rating action concludes the review for downgrade started on Feb. 5, 2021, and extended on May 28, 2021, Oct. 13, 2021, and March 1, 12022, the agency said. The outlook on the issuers was negative before placing the ratings under review.

“The outlook on Amigo's ratings is stable, reflecting the uncertainties ahead but also the extent to which the company's cash reserves, ongoing collections from its loan book and capital levels bring an element of stability from the point of view of expected loss. Furthermore, the stable outlook on the senior secured notes reflects the much-reduced outstanding volume, the company's cash reserves, and the unimpaired loan balance on which it continues to collect providing the probability of a strong recovery for bondholders,” Moody’s said in a press release.

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