S&P cuts Lender Processing to negative

Standard & Poor's said that it affirmed the BB+ corporate credit rating on Lender Processing Services Inc. and revised the outlook to negative from stable.

The outlook revision reflects a material decline in mortgage and default activity, persistent uncertainty regarding the timing and impact of financial industry regulatory reforms, and diminished near-term profitability, the agency said.

The ratings reflect the expectation that good free operating cash flow will enable Lender Processing to maintain moderate leverage for the rating, despite its narrow and cyclical product focus and increased regulatory and market uncertainty, the agency added.

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