Fitch lowers Finance of America

Fitch Ratings said it downgraded the long-term issuer default ratings of Finance of America Cos. Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC, to B- from B+.

Fitch also downgraded Finance of America Funding's senior unsecured debt rating to CCC+/RR5 from B/RR5.

The outlook remains negative.

“The rating downgrade reflects Fitch's expectation that FOA's leverage will remain elevated over the medium term, driven by a continuation of relatively weak earnings and the impact of higher rates,” the agency said in a news release.

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