Planet Financial Group has successfully issued $475 million in senior unsecured notes, surpassing its original goal of $400 million. This indicates strong market interest while also facilitating debt management.
Fitch Ratings assigned Planet Financial Group a long-term issuer default rating of B+ with a stable outlook, reflecting its modest growth as a correspondent and retail lender.
Despite a 33.7% year-over-year decline in mortgage originations, Planet remains the 23rd-largest mortgage lender in the U.S., showcasing resilience in a challenging market.
While Fitch acknowledges Planet's solid position for growth, it cautions that competition in the correspondent channel and its smaller scale relative to peers may limit its rating.
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