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S&P upgrades Together Financial Services on improving creditworthiness

S&P Global Ratings on Nov. 21 upgraded U.K.-based specialist lender Together Financial Services Ltd.'s long-term issuer credit rating to BB- from B+.

At the same time, the agency upgraded parent Bracken Midco1 Plc1's long-term issuer credit rating to B+ from B. The outlooks on both entities are stable.

S&P said the upgrade reflects its view Together's progress over the past 12 to 18 months across various areas, including strengthening its management and governance structure, further diversifying its wholesale funding profile and improving its creditworthiness, supported by good profitability.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.