S&P may lift Realogy

Standard & Poor's said it placed the CC corporate credit rating for Realogy Corp. on CreditWatch with positive implications and assigned a preliminary B- rating to Realogy's proposed extended senior secured revolving credit facility and term loan.

Also, Realogy plans to issue $700 million of senior secured debt financing (unrated) and use the proceeds to repay a portion of the proposed extended term loan.

"The CreditWatch listing reflects our expectation that Realogy's liquidity profile would be improved upon the close of the proposed transactions, which would decrease the level of senior secured first-lien debt in the company's capital structure," S&P analyst Emile Courtney said in a statement.

Upon the close of the proposed transactions, the agency said it expects to raise Realogy's corporate credit rating to CCC from CC, with a positive outlook.

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