Moody’s assigns PennyMac notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to PennyMac Financial Services, Inc.'s planned $650 million of backed long-term senior unsecured notes maturing 2029. The notes will be guaranteed on an unsecured basis by each of PFSI's current and future domestic subsidiaries, including Private National Mortgage Acceptance Co, LLC and PennyMac Loan Services, LLC, subject to certain exclusions.

The agency affirmed PennyMac’s Ba3 senior unsecured ratings on July 14.

The company intends to use the proceeds to partially pay down its secured mortgage servicing rights funding facilities.

The outlook is stable.

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