S&P rates 4finance notes B+

S&P said it affirmed the B+ long-term corporate credit rating on 4finance Holding SA.

The outlook remains negative.

The agency also said it assigned a B+ rating to the new $325 million senior unsecured notes due in 2022 issued by 4finance SA, a wholly-owned subsidiary of 4finance.

S&P also said it affirmed a B+ rating on 4finance SA's existing senior unsecured notes.

The agency also said it assigned a 3 recovery rating to the group's new debt while maintaining the 3 recovery rating on its existing debt, indicating 50% to 70% expected default recovery.

The ratings reflect the analysis that the new issue of $325 million senior unsecured notes, which are guaranteed by the non-operating holding company 4finance, S&P said.

The proceeds will be used for general corporate purposes, including acquiring new clients, the agency said.

In conjunction with this issue, the 4finance group also refinanced some of its current outstanding senior unsecured debt issued by 4finance SA, S&P said.

The ratings reflect the group's concentrated product focus on the European unsecured short-term consumer lending market, the agency said.

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