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S&P rates Realogy notes C
Standard & Poor's said it assigned Realogy Corp.'s new notes issued upon completion of the exchange offers a C issue-level rating with a recovery rating of 6, indicating expectation of 0% to 10% recovery.
In addition, S&P lowered the issue-level ratings on the company's 10½% senior notes due 2014, 11%/11¾% senior toggle notes due 2014 and 12¾% subordinated notes due 2015 to D from C. Realogy's senior secured revolver and term loan will remain rated CCC-, and the company's senior secured second-lien term loan will remain at C.
The corporate credit rating remains CC.
The outlook is developing.
After the company's exchange offers, S&P lowered the existing notes to D reflecting the view that the exchange was tantamount to a default. This view considers the distressed financial profile of Realogy.
As of September, leverage was high at 14x, the agency said.
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