Fitch lifts Ocwen notes

Fitch Ratings said it upgraded and removed from rating watch positive the ratings on Ocwen Financial Corp.'s senior unsecured notes to CCC/RR6 from CC/RR6 and the ratings on Ocwen Loan Servicing, LLC's (OLS) senior secured notes to CCC+/RR5 from CCC/RR5.

The agency said the upgrade reflects the revised notching between issuer default ratings and issue-level ratings, as a function of the recovery ratings for a given issue, taking into account the addition of + and - modifiers to the CCC rating category that previously did not exist in Fitch's global non-bank financial institutions rating criteria.

Ocwen's ratings are otherwise unaffected, and the action does not reflect a change in Fitch's view of Ocwen's and OLS's fundamental creditworthiness, the agency said.

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