It's RPAI's second investment-grade credit rating (following Moody's), as S&P assigns a BBB- corporate credit rating to the company and its senior unsecured shelf registration. "[It]'s a strong acknowledgement of the transformation of the Company's balance sheet over the last three years, as we have substantially deleveraged the portfolio, improved coverage metrics and grown our now sizeable unencumbered asset base," says CFO Angela Aman.
The company earlier said 283 New York borrowers had received letters with incorrect dates, but now says it's aware of additional borrowers who received such letters, but does not yet know exactly how many.
Q3 net income of $644M or $1.37 per share vs. $593M and $1.20 a year ago.
Direct Banking: Pretax income of $891M up 7% Y/Y. Total loans of $67.3B up 7.4%. Credit card loans of $53.7B up 6.6%. Personal loans up 20.9%. Student loans up 4.5%. Net interest income up 9%; net interest margin of 9.79% up 14 bps. Delinquency rate for CC over 30 days past due of 1.71% up four basis points. Expenses up 6%.
Payment Services: Pretax income of $28M flat Y/Y.
Share repurchases: About 10M shares for $622M. Float down 2% Q/Q/