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Moody's stabilizes Anywhere view
Moody's Investors Service said it revised Anywhere Real Estate Group LLC's (formerly known as Realogy Group, LLC) outlook to positive from stable.
“Although Moody's anticipates that headwinds from lower existing home sale and mortgage refinance activity will drive declines in revenue and profits in 2022, Anywhere's financial strategies emphasizing debt repayment and extending its debt maturity profile have led to stronger credit metrics, a better liquidity profile and a far more flexible debt capital structure than the company had before the coronavirus pandemic struck in early 2020. Given the company's stated financial policies, Moody's expects Anywhere will repay its approximately $400 million of remaining 4 7/8% notes due June 2023 within the next 12 months,” the agency said in a press release.
The agency concurrently affirmed Anywhere's corporate family rating at B1, probability of default rating at B1-PD, senior secured bank credit facilities at Ba1 and senior unsecured notes at B2. The speculative grade liquidity rating is SGL-1.
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