PRA Group, INC.: Update following ratings downgrade, with a negative outlook
Our credit view of this issuer reflects inherent earnings volatility of its debt collection business, its globally diversified franchise, and its sizeable medium-term funding needs.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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