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Research Update: Main St. Personal Finance Inc. Assigned 'B-' Ratings; Outlook Stable Jun 11
Standard & Poors, June 2011
MSPF faces increasing regulatory risk, which limits ratings especially given MSPF's limited geographic diversification relative to rated peers. There is favorable demand for payday and check cashing products, and MSPF credit risk is limited. We are assigning a 'B-' counterparty credit rating to MSPF and a 'B-' issue rating to the company's $95 million proposed senior secured notes. The stable outlook reflects our expectation that MSPF will maintain a concentrated revenue base and that it will complete its proposed acquisition of ECA Holding LLC and LEJ Holding LLC within the next few months. On June 16, 2011, Standard & Poor's Rating Services assigned its 'B-' long-term counterparty credit ratings to U.S.-based consumer lender Main St. Personal Finance Inc. (MSPF). At...
Companies mentioned in this report are: Main St. Personal Finance, Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Main St. Personal Finance, Inc.