S&P to cut Realogy notes

Standard & Poor's said that upon consummation of Realogy Corp.'s proposed exchange offer its issue-level ratings for its 10½% senior notes due 2014, 11¾% senior toggles notes due 2014 and 12 3/8% subordinated notes due 2015 would be lowered to D from C.

The outlook is developing.

Realogy's senior secured revolver and term loan rating would remain at CCC-, the senior secured second-lien term loan rating at C and the corporate credit rating at CC, S&P said.

The expected downgrade reflects the view that the exchange would be tantamount to a default, extending the original maturity and resulting in a more junior ranking for many debtholders who tender, S&P said.

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