Moody's upgrades Rent-A-Center's CFR to Ba3, assigns Ba3 to proposed Sr. Secured Term Loan
Rating Action: Moody's upgrades Rent-A-Center's CFR to Ba3, assigns Ba3 to proposed Sr. Global Credit Research- 17 Jul 2019. New York, July 17, 2019-- Moody's Investors Service today upgraded Rent-A-Center, Inc.' s Corporate Family Rating to Ba3 from B1 and Probability of Default rating to Ba3-PD from B1-PD and assigned a Ba3 rating to its proposed $200 million Senior Secured Term Loan.Rent-A-Center is a holding company that provides ownership of products, such as consumer electronics, furniture and accessories, under flexible rental purchase agreements with no long-term obligation. The company's Core U.S. segment consists of the company-owned rent-to-own stores that lease household durable goods on a rent-to-own basis. The company's Acceptance Now segment provides the rent-to-own transaction to consumers who do not qualify for financing from the retailer. The company's Mexico segment consists of the company-owned rent-to-own stores in Mexico that lease household durable goods on a rent-to-own basis. The company's Rent-A-Center Franchising International, Inc. subsidiary is a franchisor of rent-to-own stores.
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