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Moody’s lowers Realogy ratings
Moody's Investors Service said it downgraded Realogy Group LLC’s corporate family and probability of default ratings to B1 from Ba3 and to B1-PD from Ba3-PD, respectively, senior secured bank credit facility to Ba2 from Ba1 and senior unsecured notes to B3 from B2.
“The rating downgrades are driven by Moody's expectations for debt to EBITDA to remain elevated while economic conditions remain uncertain and competitive pressures continue to rise,” said Edmond DeForest, Moody's senior credit officer, in a press release.
The outlook remains negative.
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