Moody's gives Stearns notes B2

Moody's Investors Service said it assigned a first-time B2 corporate family rating to Stearns Holdings, Inc. and a B2 rating to the company's planned $200 million senior secured notes.

The outlook is stable.

The proceeds will be used to fund mortgage servicing rights, retire existing short-term debt and other general corporate purposes, the agency noted.

According to Moody's, Stearns's ratings incorporate the company's good recent financial performance and solid capital adequacy.

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