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S&P cuts Walter Investment, loan, notes
S&P said it lowered its long-term issuer credit rating on Walter Investment Management Corp. to CCC from B.
The outlook is negative.
At the same time, the agency downgraded the senior secured term loan to CCC from B and the senior unsecured notes to CC from CCC+.
"Walter reported a $22.2 million loss in the fourth quarter and a $529 million loss for 2016," S&P credit analyst Stephen Lynch said in a news release.
The full-year loss included after-tax noncash charges of $202 million for goodwill and intangible asset impairments, noncash reductions of $141 million for changes in inputs and assumptions related to the valuation of financial assets, and a $38.5 million valuation allowance recorded on deferred tax assets. Walter also attributed losses to disappointing operating performance in its Ditech servicing business and continued losses in its Reverse segment, the agency added.
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