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Recovery Report: Realogy Corp.'s Recovery Rating Profile Dec 08 Product Image

Recovery Report: Realogy Corp.'s Recovery Rating Profile Dec 08

  • ID: 2046555
  • December 2008
  • Standard & Poors

Abstract
On Dec. 19, 2008, Standard & Poor's Ratings Services lowered its issue-level rating on Realogy Corp.'s senior secured credit facilities to 'CCC-' (one notch higher than the 'CC' corporate credit rating on the company) from 'CCC+'. The recovery rating on these loans remains at '2', indicating that lenders can expect substantial (70% to 90%) recovery in the event of a payment default. At the same time, we affirmed our issue-level rating on Realogy's senior unsecured and subordinated notes at 'C'. The recovery rating on these securities remains at '6', indicating that lenders can expect negligible (0% to 10%) recovery in the event of a payment default. All of Realogy's issue-level ratings were removed from CreditWatch, where they were placed with...

Companies mentioned in this report are:
- Realogy Group LLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Realogy Group LLC

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