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S&P cuts Realogy
Standard & Poor's said it lowered Realogy Corp.'s corporate credit rating to B- from B and lowered each of the company's issue ratings by one notch.
The outlook is negative.
The agency said that the downgrade reflects a thinning cushion in Realogy's senior secured leverage covenant at a time when market conditions so far in 2008 have worsened more than it expected earlier this year.
In addition, the timing for recovery in the U.S. residential real estate market remains uncertain. senior secured leverage was 4.9x and the covenant requirement was 5.6x at June, but the leverage covenant steps down to 5.35x at Sept. 30, and to 5.0x at Sept. 30, 2009, the agency added.
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