Printer Friendly

HOUSEHOLD FINANCIAL CORPORATION LIMITED $300 MILLION DEBT SHELF RATED 'A' BY DUFF & PHELPS

 CHICAGO, May 20 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a preliminary rating of 'A' (Single-A) to the $300 million senior note shelf registration of Household Financial Corporation Limited. The notes will be unconditionally guaranteed by parent Household International, Inc.
 Household Financial Corporation Limited is the Canadian finance subsidiary of Household International, providing consumer loans, mortgages, retail finance, and revolving credit through a network of 42 retail branches. The rating reflects the unconditional guarantee by Household International (senior debt also rated 'A'). The rating balances recent asset quality concerns with Household International's position as the holding company for one of the largest consumer finance and banking operations in the world.
 High consumer charge-off levels have been slow to recover from historically high levels, due in part to weak economies domestically and in the U.K., Canada, and Australia. However, tightened underwriting standards in recent years now appears to have taken hold, and sharply lower delinquencies in 1992 should lead to reduced credit losses in 1993. Leverage has been reduced the past two years, reflecting slower receivable growth, equity sales and retained earnings. Liquidity has been enhanced through term debt issuances and securitization. Positively, the costs of switching to regional processing centers are now behind Household, which should benefit profitability measures going forward.
 -0- 5/20/93
 /CONTACT: Daryl R. Leehaug, CFA of Duff & Phelps Credit Rating Co., 312-368-3124/
 (HI)


CO: Household Financial Corporation Limited ST: IN: FIN SU: RTG

KD -- NY071 -- 0789 05/20/93 12:56 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1993
Words:249
Previous Article:LONE STAR CASINO CORPORATION ANNOUNCES PLANS FOR BILOXI CASINO
Next Article:DUFF & PHELPS RATES CNA FINANCIAL CORPORATION, CONTINENTAL CASUALTY INTERCOMPANY POOL AND CONTINENTAL ASSURANCE COMPANY
Topics:


Related Articles
HOUSEHOLD INTERNATIONAL, HOUSEHOLD FINANCE DEBT RATINGS LOWERED BY DUFF & PHELPS
DUFF & PHELPS RATES $250 MILLION CHRYSLER FINANCIAL NOTES
DUFF & PHELPS: SUNAMERICA $300 MILLION SENIOR DEBT (SHELF) RATED 'A'
DUFF & PHELPS REAFFIRMS RATINGS ON ITT FINANCIAL CORPORATION
LEUCADIA NATIONAL CORPORATION $100 MILLION SENIOR NOTES ISSUE DUE 2008 RATED 'BBB-' SENIOR SUBORDINATED NOTES RATING REAFFIRMED AT 'BBB-' CONVIRTIBLE...
DUFF & PHELPS RATES U S WEST CAPITAL FUNDING SHELVES
DCR ASSIGNS A- RATING TO MCN INVESTMENT CORPORATION'S $200 MILLION DEBT SHELF, SUPPORTED BY MCN CORPORATION
DCR Rates Leucadia National Corporation's Senior Subordinated Notes 'BBB-'
DCR Places Leucadia National Corp.'s Debt Ratings on Rating Watch--Developing
DCR Reaffirms Ratings on Household International, Inc. And Household Finance Corporation

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters