E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/31/2017 in the Prospect News High Yield Daily.

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.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.