Loading…
Contact Information

605, SGH,
Vaishali Nagar, Jaipur, Rajasthan - 302021

We're Available 24/7. Call Now.

Prodigy Finance is a UK-based fintech company that helps students pursue master’s degrees from the world’s best schools by providing collateral-free education loans for overseas education. Prodigy becomes the first international student lender to establish a publicly-rated securitisation placed in the US capital markets. This was rated by two of the top 5 global credit rating agencies: Kroll Bond Rating Agency (KBRA) and Moody’s Investor Services.1.

Prodigy is well ahead of other industry players, in terms of accessing reliable funding on a large scale to support Indian international masters' students. Having investment grade ratings from leading global credit rating agencies such as KBRA and Moody’s Investors Services makes Prodigy a credible and reliable lender.

Recently in 2022, KBRA upgraded its initial ratings for the transaction. The upgrades reflect the good performance of the portfolio, which is better than KBRA’s original conservative forecast for defaults, and the increase in over-collateralization of the rated notes as the portfolio pays down. This timing is good as Prodigy recently attended the ABS East, a major US debt market conference, to promote access to funding for Indian masters' students.

"The upgraded ratings by KBRA of their ABS transactions reflect the good performance of the portfolio which has outperformed KBRA’s original conservative forecast for arrears and defaults. In addition, timely updating and informing the KBRA on the business and performance has further lifted the good relations between the two companies. Overall, the ratings will enable Prodigy with more credibility and accessibility to support students with funds.said Neha Sethi, Head of the Capital Markets team at Prodigy.

KBRA has upgraded its ratings of the highest tranche of debt issued by the transaction to ‘AA-’ from ‘A+’. Breaking through into the double-A category is a major achievement for Prodigy as a capital markets issuer.

“Our vision has always been to create access to credit for students to fund their aspirations. With improved ratings from KBRA, Prodigy will have access to more funding from US banks, insurance companies, and asset managers. This will enable the lender to support a greater number of Indian students without collateral at affordable interest rates!.” said Edward Baker, Head of Securitisation at Prodigy Finance.

Mayank Sharma, Country Head- India, Prodigy Finance says “The KBRA ratings are a testament to the mission we’ve set out to achieve for ourselves - changing the way students fund their international education aspirations, around the world. Further, it reflects the confidence that our students in India have in us, making us the preferred financial partner with a student-first approach."

Prodigy Finance has witnessed a whopping 99% growth globally, while India has grown by 102% in disbursements in 2022 compared to 2021.

SHARE:

NewsOnFloor Staff

NewsOnFloor Staff's knowledge of Bollywood film industry is tremendous and their writing attracts all the cinema lovers. Team follows everything which is happening on the bollywood street .

Leave A Reply

Your email address will not be published. Required fields are marked *