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Rating Action:

Moody's downgrades Springleaf to Caa1 from B3

01 Jun 2012

NOTE: On May 20, 2013, the press release was revised as follows: added a hybrid indicator “(hyb)” to the Preferred Stock ratings of AGFC Capital Trust I. Revised release follows.

New York, June 01, 2012 -- Moody's Investors Service today downgraded Springleaf Finance Corporation's senior unsecured and corporate family ratings to Caa1 from B3. The rating outlook is negative.

RATINGS RATIONALE

The downgrade reflects Springleaf's funding constraints and uncertain liquidity outlook, increased operational stresses, and record of operating losses since early 2008.

Springleaf has $2 billion of long-term debt maturing in the second half of 2012 and an additional $1.8 billion due in 2013. Moody's estimates that Springleaf has sufficient liquidity to meet its obligations in 2012 but that it will need to generate significant additional liquidity to cover 2013 needs. The company's sources of liquidity include cash balances, net proceeds from portfolio runoff, and operating cash flow. Unrestricted cash totaled $1.2 billion at the end of the first quarter and ongoing runoff of Springleaf's real estate portfolio is currently generating about $300 million of cash per quarter. However, the company has no committed borrowing capacity to supplement these sources to support its operating and financial requirements.

In April, Springleaf added $367 million to cash after completing a securitization of home loans, the third such transaction since 2010. Springleaf has about $5.5 billion of unencumbered real estate loans and consumer receivables that it could securitize or pledge to obtain additional secured financing. However, there is no assurance that additional transactions of a size necessary for Springleaf to meet its upcoming needs can be executed.

"Springleaf's plans to generate incremental liquidity involve significant execution risk," said Moody's senior analyst Mark Wasden. "We can't rule out the possibility of a distressed debt exchange as a means for Springleaf to reduce the near-term demands on its liquidity resources," he added.

Springleaf has reported operating losses since 2008. Lower finance revenues from declining portfolio balances, high credit costs, and increasing cost of funds have all pressured earnings. Springleaf has taken steps to rationalize operating costs by closing non-core and under-performing branches and by improving efficiency, but operating losses will likely continue through the intermediate term while the company works through portfolio credit performance and funding issues.

Moody's believes that Springleaf's franchise positioning has weakened as a consequence of its funding constraints and the actions it has been forced to take. Springleaf ceased originating home mortgage loans in January of this year and is now focusing exclusively on providing consumer loans to customers that either prefer not to borrow from banks or who don't qualify for bank loans. With its multi-state branch network, Springleaf is well situated to address the large market for such loan products, but the firm has not yet established a sustainable source of funding for this business.

Moody's said that Springleaf's long-term ratings could be upgraded if the company demonstrates improved access to funding, strengthens its liquidity runway, and returns operations to profitability. Conversely, ratings could be downgraded if it is unable to execute a funding strategy that leads to a sustainable improvement in its liquidity position or if it seems likely to pursue a distressed debt exchange or restructure.

Ratings affected by today's action include:

Springleaf Finance Corporation:

Corporate Family: to Caa1 from B3

Senior Unsecured: to Caa1 from B3

Springleaf Financial Funding Company:

Senior Secured Bank Loan: to B3 from B2

AGFC Capital Trust I:

Preferred Stock: to Caa3(hyb) from Caa2(hyb)

In its last AGFC rating action on August 11, 2010, Moody's downgraded Springleaf's corporate family rating of B3 from B2.

Springleaf Finance Corporation, headquartered in Evansville, Indiana, provides consumer finance and credit insurance products to consumers through a multi-state branch network.

The principal methodology used in this rating was Finance Company Global Rating Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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Mark L. Wasden
VP - Senior Credit Officer
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 Franklyn 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 to Caa1 from B3
No Related Data.
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