S&P lowers Realogy loan to CCC-

Standard & Poor's said it affirmed its CC corporate credit rating on Realogy Corp. and lowered the company's first-lien senior secured credit facility to CCC- with a recovery rating of 2 from CCC+.

The ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 14, and the outlook is negative.

These actions follow Realogy's announcement that it is terminating its offer to exchange up to $500 million of new second-lien incremental term loans for a portion of each series of the company's existing notes.

The agency said the CC corporate credit rating reflects its view that Realogy's ability to service its current capital structure over the intermediate term will be challenged and that it will need to adopt a financial strategy of recapitalization in some form.

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