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S&P assigns B- to Rithm notes
S&P said it assigned its B- debt rating to Rithm Capital Corp.'s planned $775 million of senior unsecured notes due 2029.
“Our rating on the proposed senior unsecured notes is one notch below the issuer credit rating (B/stable/--). This is because we expect Rithm's priority debt to remain above 30% of adjusted assets and because we expect its unencumbered assets-to-unsecured debt ratio to remain above 1x,” S&P said in a press release.
The company intends to use the proceeds to repay debt, including redeeming up to $275 million of its 2025 senior unsecured notes, which had an outstanding balance of $550 million as of year-end 2023. It also intends to use the proceeds for general corporate purposes.
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