The whole rationale for going up the credit scale is not based...

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    The whole rationale for going up the credit scale is not based on the NIM.
    In effect it"s the NIM less bad debts that's the measure.
    So SVR can make a lower NIM but still a higher EBITDA due to lower bad debts.
    Of course it'll take a while to filter through as the old lower credit customers are much more likely to be defaulting in the current environment.


 
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