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Moody’s revises Quicken Loans to positive
Moody's Investors Service said it affirmed Quicken Loans Inc.'s Ba2 unsecured debt and corporate family ratings and changed the outlook to positive from stable.
Moody’s said the Ba2 ratings reflect Quicken's solid franchise in the U.S. mortgage market as the second-largest retail and third-largest overall U.S. mortgage originator and eighth-largest U.S. mortgage servicer. The ratings also reflect the company's strong profitability with net income to average assets expected to be more than 15% for the year ended 2016 and capital position with tangible common equity to total assets expected to be more than 20% as of year-end 2016.
The outlook change reflects the agency’s expectation that Quicken will be able to maintain its strong franchise position, profitability and capital level even as aggregate U.S. mortgage origination volumes decline and purchase mortgages comprise a larger percentage of the market in connection with rising interest rates.
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