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
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Research Type: Full Analysis