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Rating Action:

Moody's downgrades Springleaf Finance to B3, confirms OneMain Financial at B2

16 Nov 2015

New York, November 16, 2015 -- Moody's Investors Service downgraded the Corporate Family Rating of OneMain Holdings, Inc. ("New OneMain"; formerly Springleaf Holdings, Inc.) and the senior unsecured rating of Springleaf Finance Corporation to B3 from B2. The outlook is Stable. Moody's also confirmed the B2 senior unsecured rating of OneMain Financial Holdings, LLC ("OneMain Financial"). All ratings have a stable outlook. These actions conclude the rating reviews initiated on March 3, 2015.

RATINGS RATIONALE

The downgrades of New OneMain and Springleaf Finance ratings to B3 from B2 reflects the risk presented by New OneMain's acquisition of OneMain Financial through significantly increased leverage, in combination with integration complexity given the size of the acquisition.

Moody's confirmed OneMain Financial's B2 rating based on its lower leverage compared to consolidated parent New OneMain, as well as bond indenture covenants that limit shareholder distributions that could otherwise weaken the firm's capital buffer. Moody's expects that OneMain Financial will be more profitable than affiliate Springleaf Finance. While a significant proportion of OneMain Financial's earning assets is encumbered, which constrains its financial flexibility, Moody's estimates that OneMain Financial has sufficient liquidity for its operating and financing requirements, considering that is has no material debt maturities until 2019.

New OneMain's effective leverage, measured as debt to tangible common equity, exceeds 17x according to Moody's estimates. The company's balance sheet leverage, measured as tangible common equity to tangible managed assets, weakened substantially, to between 4% and 5% upon the acquisition close from 21% at September 30, 2015. Moody's does not anticipate meaningful deleveraging during the first year following the close.

New OneMain's small tangible equity buffer indicates limited loss-absorption capacity during the important period of integration. In Moody's view, the integration risks presented by the business combination could be disruptive to the combined company's operational stability until the transition is completed.

Moody's also notes that the business combination, which has brought together the two largest branch-based consumer-based companies in the United States, will strengthen New OneMain's franchise and also its long-term profitability, given that OneMain Financial's per-branch profitability compares favorably with Springleaf Finance's weaker earnings. The combined company will have over 1,800 branches in 43 states, pro-forma for the branch sales required by the US Department of Justice.

New OneMain's ratings could be upgraded if the company deleverages to the levels commensurate with higher ratings, which would equate to 6%-8% of tangible common equity to tangible managed assets, and if integration of OneMain Financial is executed well. The ratings could be downgraded as a result of weak performance, for example if during the integration period the company incurs significant unforeseen expenses, or if its liquidity meaningfully deteriorates.

Moody's expects that OneMain Financial's ratings will be closely aligned with those of New OneMain's and therefore would likely be upgraded or downgraded together with the ratings of New OneMain. In addition, OneMain Financial's ratings could be downgraded if its leverage increases substantially, if its profitability meaningfully weakens, or if the structural protections afforded to it through its debt indenture covenants were weakened and no longer provided the credit protection they do today.

Today's actions include:

OneMain Holdings, Inc. (formerly Springleaf Holdings Inc.):

Corporate Family Rating: to B3 from B2

Senior Unsecured Shelf: to (P)Caa2 from (P)Caa1

Subordinated Shelf: to (P)Caa3 from (P)Caa2

Junior Subordinated Shelf: to (P)Ca from (P)Caa3

Outlook: to Stable from Under Review

Springleaf Finance Corporation:

LT Issuer: to B3 from B2

Senior Unsecured: to B3 from B2

Senior Unsecured MTN Program: to (P)B3 from (P)B2

Senior Unsecured Shelf: to (P)B3 from (P)B2

Subordinated Shelf: to (P)Caa1 from (P)B3

Junior Subordinated Shelf: to (P)Caa2 from (P)Caa1

Outlook: to Stable from Under Review

OneMain Financial Holdings, LLC:

Senior Unsecured: confirmed at B2

Corporate Family: withdrawn

Outlook: to Stable from Under Review

AGFC Capital Trust I

BACKED Pref. Stock: to Caa2(hyb) from Caa1(hyb)

Outlook: to Stable from Under Review

The principal methodology used in these ratings was Finance Companies published in October 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Anna Sherbakova
Analyst
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades Springleaf Finance to B3, confirms OneMain Financial at B2
No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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