Realogy Rating Raised To 'CCC'; Outlook Positive; Ratings Assigned to Extending Credit Facility, Notes Feb 11

Standard & Poors, February 2011

Abstract
U.S. real estate and relocation services company Realogy has amended and extended its credit facilities and completed a new $700 million senior secured debt financing. We are raising the corporate credit rating to 'CCC' from 'CC'. The rating outlook is positive. We are also assigning Realogy's extending senior secured credit facilities our 'B-' issue-level and '1' recovery ratings, and its $700 million senior secured notes due 2019 our 'CC' rating with a '6' recovery rating. The positive outlook reflects our view that a moderate U.S. housing recovery could enable Realogy to sustain 1x EBITDA interest coverage over the intermediate term. NEW YORK (Standard & Poor's) Feb. 4, 2011--Standard & Poor's Ratings Services today raised its corporate credit rating on Realogy...

Companies mentioned in this report are:
- Realogy Group LLC

Action: New Rating
Action: Removed From CreditWatch
Action: Upgraded

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.

- Realogy Group LLC

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