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Moody’s assigns B2 to Freedom notes
Moody's Investors Service said it assigned a B2 rating to Freedom Mortgage Holdings LLC's planned $450 million senior unsecured bond due in 2029. The rating outlook is stable.
The agency said it rated the senior unsecured bond B2 based on Freedom's B1 corporate family rating and the unsecured bond's ranking.
“The B2 senior unsecured bond rating is one notch below the company's B1 CFR and incorporates the priority of claim and strength of asset coverage and is based on Moody's expectation that the company's financial policy is to keep the ratio of secured debt associated with MSRs and secured corporate debt to total corporate debt (secured debt ratio) below 50%. As of Sept. 30, 2023, the company's secured debt ratio was around 55%,” the agency said in a press release.
The outlook is stable.
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