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S&P rates Amigo notes B+
S&P said it assigned a B+ long-term counterparty credit rating to Amigo Loans Ltd.
The agency also said it assigned a B+ rating and 3 recovery rating to the proposed senior secured notes to be issued by Amigo Luxembourg SA, which are guaranteed by Amigo.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The outlook is stable.
The agency said it views Amigo as the clear leader in the U.K. guarantor lending market, which is a relatively new niche sector for the non-standard lending industry.
The ratings reflect the company’s weak business risk profile and highly leveraged financial risk profile, S&P said.
The agency said, however, that Amigo's business profile is more stable than its peers.
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