S&P trims Realogy

S&P said it downgraded Realogy Group LLC to B+ from BB- and the rating on the senior secured debt to BB from BB+.

“The downgrade reflects the company’s weak operating performance and our expectation for debt leverage to remain above 5x over the next 12 months,” said S&P in a press release.

S&P affirmed the ratings on the company’s senior unsecured debt at B and revised the recovery rating to 5 based on its expectation the majority of the $375 million in proceeds from the sale of its Cartus business will be used to repay secured debt.

The outlook is negative.

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