There is some good news for at least one online lender: Social Finance Inc., known as SoFi, for the first time received the highest possible credit rating from Moody’s on a new bond deal. SoFi received a triple-A rating from Moody’s Investors Service on its most recent securitization bond, a $380 million offering backed by online student loans completed Friday. It was the first offering by a startup online lender to get Moody’s top rating, which is common for established lenders. ...
The Wall Street Journal has reported that Moody’s has awarded its highest possible rating for a new bond deal coming out of online lender, Social Finance (known as SoFi). According to the report, the most recent bond securitisation deal merited a triple A rating from Moody’s, which is particularly significant as it is the first ever for a marketplace lender. In an interview with Bloomberg, CEO and founder of SoFi, Rohit Bansal, said he was “very pleased” by the ratings given to his company’s latest offering. This comes as particularly good news for the online lending market which has recently suffered some serious reputational damage as a result of the recent Lending Club scandal.