trending Market Intelligence /marketintelligence/en/news-insights/trending/F8AdgUl1XcK7efYQ-tY0iQ2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

S&P lowers CoreLogic's debt rating

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

Online Brokerage Space Should Remain Rich Source Of M&A

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

S&P lowers CoreLogic's debt rating

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.