S&P: Realogy debt recovery at 4

Standard & Poor's said it revised its recovery rating on Realogy Corp.'s senior unsecured debt to 4, indicating that lenders can expect average recovery in the event of a payment default, from 3.

The agency said that the issue-level rating on these securities remains unchanged at B, at the same level as the B corporate credit rating on the company.

The recovery rating revision reflects S&P's reduced cash flow expectations for Realogy, which also resulted in our outlook change on the company to negative from stable last week.

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