Moody's shifts Enova outlook to stable

Moody's Investors Service said it changed Enova International, Inc.'s outlook to stable from negative and affirmed the B2 long-term senior unsecured rating and its B2 corporate family rating.

“Today's affirmation and outlook revision also reflect the progress Enova has made on the integration of OnDeck, with most targeted synergies on track to be realized by the end of the year. In addition, Enova now expects that OnDeck's legacy portfolio of small business loans will yield over $200 million in residual cash flows, and it had assigned little value to these loans at the time of the acquisition. Enova's capitalization, as measured by tangible common equity to tangible managed assets (TCE/TMA), has improved significantly to over 40% as of March 31, 2021, from approximately 12% as of 31 December 2019,” Moody’s said in a press release.

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