S&P affirms Ocwen Financial

Standard & Poor's said it affirmed its ratings on Ocwen Financial Corp. and all its subsidiaries, including the B- long-term counterparty credit rating on Ocwen Financial Corp.

The outlook is stable.

S&P said the ratings incorporate Ocwen's improved financial profile as the result of the disposition of almost all noncore assets, better leverage, improved but still lagging profitability, and the risks of the continued shift in business strategy and structure.

S&P rates Ocwen Financial Corp.'s counterparty credit rating B- and senior debt B-; Ocwen Federal Bank FSB's counterparty credit rating B+; and Ocwen Capital Trust I's preferred stock CCC-.

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