Moody’s drops CoreLogic facilities to Ba2

Moody's Investors Service said it affirmed CoreLogic, Inc.'s Ba2 corporate family rating, Ba2-PD probability of default rating, B1 senior debentures rating and SGL-1 speculative grade liquidity rating.

In addition, the agency downgraded the senior secured revolving credit facility and term loan ratings to Ba2 from Ba1.

The outlook remains stable.

Moody’s said the downgrade of the senior secured revolving credit facility and term loan ratings reflects the higher relative proportion of senior secured debt in the capital structure following the redemption of the 7¼% senior unsecured notes due June 2021 using net proceeds from an incremental term loan borrowing.

With the upsizing of the term loan and repayment of the 2021 notes, the debt structure consists primarily of senior secured debt (about $1.3 billion) with only a small remaining unsecured piece ($60 million 7.55% senior debentures due April 2028).

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