Moody's moves Upbound outlook to stable

Moody's Ratings said it changed the outlook for Upbound Group, Inc. to stable from negative. At the same time, the agency affirmed all other ratings including the Ba2 corporate family rating, the Ba2-PD probability of default rating, the Ba2 senior secured first lien term loan rating and the B1 senior unsecured notes rating. The speculative grade liquidity rating remains unchanged at SGL-2.

“The change in outlook reflects the improvement and stabilization in Upbound's customer non-performance metrics, including skip/stolen losses at both the bricks-and-mortar Rent-A-Center segment as well as the virtual lease-to-own Acima segment, following several quarters of weaker-than-expected performance. The improved performance reflects the easing inflationary environment, but also risk management enhancements to the underwriting decision process, particularly at Acima,” the agency said in a press release.

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