Moody's downgrades Realogy

Moody's Investors Service said it downgraded Realogy Group LLC's corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD, senior secured bank credit facility to Ba3 from Ba2 and senior unsecured notes to Caa1 from B3. The speculative grade liquidity rating was downgraded to SGL-3 from SGL-2.

"Large anticipated declines in U.S. existing home sale transaction volume caused by the economic fallout from the coronavirus pandemic will likely have a pronounced and negative impact on Realogy's revenue, credit metrics and liquidity, driving the rating downgrades," said Edmond DeForest, a Moody's vice president and senior credit officer, in a press release.

The outlook remains negative.

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