Moody's Upgrades Rent-a-Center Debt Ratings

Moody's Investors Service upgraded its corporate family debt rating on Rent-a-Center (Nasdaq: RCII) after the company paid off $300 million in debt. Moody's now rates Rent-a-Center Ba2. That's still a junk rating and two notches below the lowest investment grade rating.

Moody's also said its outlook on Rent-a-Center was stable and affirmed its probability of default rating at Ba3, also speculative. Texas-based Rent-a-Center provides rent-to-own services on good such as computers, furniture, televisions, washers and dryers and other household items.