Moody's: Realogy probability of default at Caa3/LD

Moody's Investors Service said it changed the probability of default rating of Realogy Corp. to Caa3/LD from Caa3 following the closing of certain transactions related to Realogy's PIK toggle notes which Moody's views as a distressed exchange.

Moody's said it affirmed all other credit and liquidity ratings.

The outlook remains negative.

According to the agency, Realogy, owned by an affiliate of Apollo Management, LP, announced that it closed on $515 million aggregate principal amount of second-lien incremental term loans, upsized from $475 million, that mature in 2017.

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