Moody’s rates New Residential B1

Moody’s Investors Service said it assigned B1 corporate family rating and B1 issuer rating to New Residential Investment Corp.

The outlook is stable.

The ratings reflect the company’s strong capital position, above-average profitability and moderate potential volatility of cash flows, Moody’s said.

The ratings are constrained by the company’s dependence on short-term secured funding, reliance on Nationstar Mortgage LLC and Ocwen Financial Corp., limited operating history and monoline focus of investing in mortgage-servicing assets, the agency said.

The company’s high reliance on short-term secured funding for its investment portfolio also limits its financial flexibility, Moody’s said.

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