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Fitch flips Home Point to positive watch
Fitch Ratings said it revised the rating watch to positive from negative on Home Point Capital Inc. and its subsidiary Home Point Financial Corp.'s (collectively Home Point) long-term issuer default ratings of B-. Fitch similarly placed the Home Point's CCC+/RR5 unsecured debt ratings on positive watch
The change in direction follows the announcement that Mr. Cooper Inc. agreed to buy all outstanding shares of Home Point for about $324 million in cash, the agency said.
“The rating watch positive indicates Home Point's ratings could be upgraded or affirmed at their current level following the closing of the acquisition, which is expected to occur in the third quarter of 2023,” Fitch said in a press release.
As part of the deal, Mr. Cooper will assume $500 million in outstanding Home Point 5% senior notes, which are due in February 2026.
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