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S&P revises outlook on FirstCash to positive from stable

S&P Global Ratings on May 23 revised FirstCash Inc.'s outlook to positive from stable.

The rating agency affirmed FirstCash's issuer credit rating at BB and unsecured debt rating at BB. The recovery rating on the debt remained at 3, reflecting the rating agency's expectation of meaningful recovery in a simulated default scenario.

The positive outlook reflects the rating agency's expectation that, over the next 12 months, FirstCash's debt to earnings before interest, taxes, depreciation, and amortization will stay between 1.5x to 2.0x while the adjusted EBITDA margin will remain stable at close to 21%. Regarding FirstCash's merger with Cash America International Inc., the rating agency said that FirstCash has mostly completed the integration of the merger, and the merger has doubled FirstCash's size as well as broadened its geographic footprint.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.