Fitch assigns BB- Oxford Finance notes

Fitch Ratings said it assigned a final BB- rating to the $400 million of five-year 6 3/8% unsecured notes co-issued by Oxford Finance LLC and its debt-issuing subsidiary Oxford Finance Co-Issuer II Inc.

“The senior unsecured debt rating is one notch below the long-term issuer default rating (IDR), given the high balance sheet encumbrance and the largely secured funding profile, which indicates weaker recovery prospects under a stress scenario,” Fitch said in a press release.

The proceeds are expected to be used to repay unsecured debt and for general corporate purposes.

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