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S&P lifts Ditech Holding
S&P said it raised the issuer rating for Ditech Holding Corp. to CCC- from D on the company exiting Chapter 11.
At Ditech’s request, S&P withdrew all the company’s ratings.
“The company's reorganization plan is premised on the sale of its originations and servicing business to New Residential Investment Corp, and the sale of the company's reverse mortgage business to Mortgage Asset Management. Early indications are that term loan creditors will receive 47 cents on the dollar which may be revised upwards when final proceeds are received,” said S&P in a press release.
The outlook is negative.
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