trending Market Intelligence /marketintelligence/en/news-insights/trending/uIL5Gi7lkwrz72Cs5dE2fg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

S&P revises outlook on PennyMac Financial Services to negative

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


S&P revises outlook on PennyMac Financial Services to negative

S&P Global Ratings revised its outlook on PennyMac Financial Services to negative from stable and affirmed its B+ long-term issuer credit rating.

S&P noted a decline in the company's gain-on-sale margins to 0.88% in 2018 from 1.13% in 2017, which caused PennyMac Financial Services' adjusted EBITDA to slip to $365 million in 2018 from $431 million in 2017. Together with the issuance of two tranches of term notes in 2018, the company's leverage, measured by debt to adjusted EBITDA, increased to 4.2x from 2.56x in 2017.

S&P said competition in the mortgage origination market will remain high, so it expects PennyMac Financial Services' 2019 gain-on-sale margins to be relatively flat from the year-ago period. The rating agency also said it expects the company to operate with a leverage of 4.0x to 4.5x over the next 12 months.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.