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Bulletin: Realogy Corp. Liquidity Profile Squeezed, But Rating Is Currently Unaffected May 08
Standard & Poors, May 2008
Abstract
On May 16, 2008, Standard & Poor's Ratings Services said its rating and outlook for Realogy Corp. (B/Negative/--) would not be immediately affected by the expectation that the company's senior secured credit facility leverage covenant cushion would narrow further in the June 2008 quarter. This is because we believe that Realogy will produce positive cash flow generation the second half of 2008 and significantly reduce its revolver borrowings during the period, thereby likely avoiding violating the covenant for the remainder of the year. The most important current component of Realogy's liquidity profile continues to be its $750 million senior secured revolver. On May 12, 2008, borrowings under the revolver were $340 million, mostly due to its usage for payment of...
Companies mentioned in this report are: Realogy Corp.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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