S&P rates Realogy notes B-

Standard & Poor's said it assigned Realogy Group LLC's proposed $450 million senior notes due 2016 an issue level rating of B- with a recovery rating of 6.

Realogy plans to use the proceeds to refinance a portion of its 11½% senior unsecured notes due 2017. All other ratings, including the B+ corporate credit rating, are unchanged.

S&P said the B+ corporate credit rating on Realogy reflects its assessment of the company's financial risk profile as "highly leveraged" and our assessment of its business risk profile as "satisfactory," according to the criteria.

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