Moody’s rates Wand notes B2, affirms Nationstar

Moody’s Investors Service said it assigned a B2 rating and stable outlook to Wand Merger Corp.’s proposed issuance of $1.7 billion of senior notes due 2023 and 2026.

In addition, the agency affirmed Nationstar Mortgage LLC's B2 corporate family rating and the B2 rating on its senior notes.

Nationstar Mortgage and Wand’s parent, WMIH Corp., announced their agreement to merge.

The proceeds of Wand's unsecured bond are being used to fund the proposed merger with Nationstar Mortgage and its subsidiaries, including Nationstar Mortgage LLC, by WMIH.

The agency said the B2 ratings reflect Nationstar's fundamental credit profile and the company's position in the U.S. residential mortgage servicing market, constrained profitability, moderate financial leverage and the growth of its servicing portfolio, which is mitigated by its solid track record of acquiring and integrating residential mortgage servicing assets.

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