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S&P lifts Realogy secured debt
Standard & Poor’s said it affirmed the BB- corporate credit rating on Realogy Group LLC.
The outlook remains stable.
The agency also said it affirmed the B rating on Realogy’s senior unsecured debt issues. The 6 recovery rating is unchanged, indicating 0 to 10% expected default recovery.
S&P said it also raised the rating to BB+ from BB on Realogy’s senior secured debt issues, including its $815 million revolving credit facility due 2020, $1.9 billion term loan B due 2020 and $435 million term loan A due 2020.
The agency also revised the recovery rating on the debt to 1 from 2.
The 1 recovery rating indicates 90% to 100% expected default recovery.
The ratings reflect an expectation for Realogy’s operating lease-adjusted debt-to-EBITDA to remain at less than 5x, S&P said.
The agency also said it expects the U.S. residential real estate market to continue improving.
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