Moody's Ratings downgrades PRA Group's corporate family rating to Ba2 and senior unsecured debt rating to Ba3; outlook negative
Moody's Ratings ("Moody's") has today downgraded PRA Group, INC.'s (PRA) corporate family rating (CFR) to Ba2 from Ba1 and its senior unsecured and backed senior unsecured debt ratings to Ba3 from Ba2. The issuer outlook remains negative. RATINGS RATIONALE The downgrade of PRA's CFR to Ba2 from ...PRA Group is a financial and business services company with operations in the Americas, Europe, and Australia. The company's business is the purchase, collection and management of portfolios of nonperforming loans. The company purchases portfolios of nonperforming loans in two categories: Core, which focuses on purchasing and collecting nonperforming loans, which it purchased since either the credit grantor and/or other third-party collection agencies have been unsuccessful in collecting the full balance owed; and Insolvency, which consists of purchasing and collecting on nonperforming loan accounts where the customer is involved in a bankruptcy proceeding or the equivalent in some European countries.
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