PRA Group, INC.: Update following confirmation of senior unsecured rating at Ba2, with negative outlook
Our credit view of PRA reflects our expectation of a strengthening of its profitability and leverage in the next 12-18 months from internal initiatives and improving industry fundamentals.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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