Moody’s assigns United Shore notes Ba3

Moody’s Investors Service said it gave a first-time Ba3 corporate family rating to United Shore Financial Services, LLC and a Ba3 long-term unsecured debt rating to the company’s planned $800 million senior unsecured bond offering maturing in 2025.

“The ratings reflect United Shore’s strong franchise in the United States of America (government of, Aaa stable) mortgage market as the third-largest overall mortgage originator year-to-date in 2020, and the largest wholesale broker originator for the last several years. The company’s profitability is very strong, with net income to average assets (ROAA) averaging 5.5% from 2017 to 2019,” Moody’s said in a press release.

The issuance is a credit positive for the agency because it will help the company’s liquidity and enable it to keep a higher percentage of mortgage servicer rights on its balance sheet, Moody’s said.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.