S&P Global Ratings has lowered its issue-level rating onCoreLogic Inc.'sfirst-lien debt to BB+ from BBB-.
The ratings action follows the company's that it will increase theamount of its first-lien term loan by $525 million to about $1.3 billion.
CoreLogic's other ratings, including the corporate creditrating, remain unchanged.
The issue-level rating recognizes the revision of S&P'srecovery rating on the secured debt to 2 from 1, given the additional secureddebt in the capital structure. The 2 recovery rating indicates S&P'sexpectations for substantial recovery for lenders in the event of a paymentdefault.
S&P added that the ratings are based on its expectationthat CoreLogic's leadership position in mortgage processing markets and focuson cost containment will support consistent profitability, partly offset by thecompany's moderate financial institution client concentration and S&P'sexpectation for continued subdued U.S. mortgage origination activity over thenear term.
S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.