Moody's assigned a Caa2 corporate family rating to CCF Holdings LLC, the successor of Community Choice Financial Inc.
The rating outlook is stable.
The rating agency withdrew the Caa3 corporate family rating, with a developing outlook, of Community Choice Financial.
The outlook of these ratings was developing.
In assigning the corporate family rating to CCF Holdings, Moody's said it reflects the new capital structure following the restructuring of Community Choice Financial and the weak financial profile of the predecessor company. The rating also reflects high regulatory risk in relation to Ohio implementing a law in October that will impact the company's credit service organization business in the state, according to the rating agency.