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S&P downgrades RentPath
S&P said it lowered its issuer credit rating on RentPath LLC to CCC+ from B-.
At the same time, the agency lowered the issue-level rating on RentPath's secured first-lien credit facilities to B- from B. The recovery rating remains 2, indicating an expectation for substantial recovery (70%-90%; rounded estimate: 75%) of principal in the event of a payment default.
S&P also lowered the issue-level rating on RentPath's secured second-lien term loan facility to CCC- from CCC. The recovery rating remains 6, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%).
“The downgrade reflects RentPath's declining sources of liquidity, its elevated leverage, and our expectation that the company's FOCF generation will remain negative over the next 12 months due to higher marketing spending in light of declining subscription revenues, property listings, and average revenue per property (ARPP),” the agency said in a news release.
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