S&P rates Realogy notes B

S&P said it assigned a B rating and 6 recovery rating to Realogy Group LLC's proposed $500 million senior unsecured notes issue due 2023.

The notes will be co-issued by wholly owned subsidiary, Realogy Co-Issuer Corp. and have a 6 recovery rating, indicating 0 to 10% expected default recovery.

The agency also said it placed the B rating on the proposed notes on CreditWatch with positive implications.

S&P also said it affirmed the B rating and 6 recovery rating on Realogy's existing senior unsecured notes due 2019 and 2021, and placed the B rating on CreditWatch with positive implications.

The agency also said it affirmed the BB+ rating on the company's senior secured debt. The recovery rating remains at 1, reflecting 90% to 100% expected default recovery.

The company’s BB- corporate credit rating and stable outlook are unchanged.

The proceeds will be used to repay outstanding borrowings under the company's revolving credit facility and for general corporate purposes, S&P said.

Realogy has stated its intention over the near term to extend the maturity date of its existing senior secured term loan B due 2020 and reduce the outstanding principal under the secured facility, the agency said.

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