Moody's upgrades Encore

Moody’s Investors Service said it upgraded Encore Capital Group, Inc.’s corporate family rating to Ba1 from Ba2 and its guaranteed senior secured debt rating to Ba2 from Ba3. The agency changed the outlook to stable from positive.

“The upgrade of Encore’s corporate family rating to Ba1 from Ba2 reflects the company’s strong and consistent financial performance, as evidenced by high levels of profitability, moderate leverage and solid liquidity, with abundant availability under its credit line and laddered debt maturities. In addition, the Ba1 CFR reflects Encore's demonstrated resilience of its global franchise, as evidenced by the company's strong financial performance since the onset of the coronavirus pandemic,” Moody’s said in a press release.

The outlook reflects expectations that despite the expected moderation, Encore's profitability, interest coverage and leverage metrics will stay strong and with credit metrics of the Ba1 corporate family rating, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.