Moody's has taken rating actions on a number of finance companies upon application of new finance company rating methodology.
The rating agency upgraded the corporate family ratings of Mobile Mini Inc., New Residential Investment Corp., PennyMac Mortgage Investment Trust and Private National Mortgage Acceptance Co. LLC to Ba3 from B1, and Oxford Finance LLC to Ba2 from Ba3.
Moody's also affirmed the senior unsecured rating of Mobile Mini at B2 and senior unsecured bond rating of Freedom Mortgage Corp. at B2, and the senior unsecured rating of Oxford Finance at Ba3. New Residential, PennyMac Mortgage and Private National Mortgage's respective B2 long-term issuer ratings were affirmed as well.
The outlook for Mobile Mini, Oxford Finance, New Residential, PennyMac Mortgage and Private National is stable, while the outlook for Freedom Mortgage is negative.
The rating agency also upgraded Freedom Mortgage's senior secured bank credit facility to Ba2 from B1 and Ocwen Loan Servicing LLC's senior secured bank credit facility to B2 from B3, while downgrading Williams Scotsman International Inc.'s senior secured debt to B3 from B2. Corporate family ratings for Freedom Mortgage and Williams Scotsman were affirmed at B1 and B2, respectively.
The rating agency affirmed Ocwen Financial Corp.'s corporate family rating of Caa1 and senior unsecured debt rating of Caa2, and its unit Ocwen Loan Servicing's senior secured debt at Caa2. The outlook for Ocwen Financial and unit Ocwen Loan Servicing is stable.
In addition, Moody's withdrew outlooks on existing instrument ratings of Mobile Mini, Oxford Finance, New Residential, PennyMac Mortgage, Private National, Freedom Mortgage, Ocwen Financial, Ocwen Loan Servicing and Williams Scotsman for its own business reasons.