Moody’s cuts New Residential

Moody's Investors Service said it downgraded New Residential Investment Corp.'s issuer rating to B2 from B1 and affirmed its B1 corporate family rating.

The outlook is stable.

Moody's said the action reflects changes to the company's capital structure, including an increase in the amount of the company's senior secured MSR financing since the assignment of the issuer rating.

The higher level of senior secured debt implicitly lowers the recovery rate for any unsecured instruments, which the issuer rating represents, the agency explained.

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