S&P lowers Ocwen to negative

Standard & Poor’s said it affirmed the B+ long-term issuer credit rating on Ocwen Financial Corp. and revised its outlook to negative from stable.

The outlook revision reflects Ocwen’s disclosure in its recently filed second-quarter financial statements that it received a subpoena from the Securities and Exchange Commission in June requesting documents relating to its dealings with certain related parties, the agency said.

This disclosure, in conjunction with ongoing examinations by the New York Department of Financial Services and identified weaknesses in the company’s internal controls that led to a restatement of certain financial statements, weighs sufficiently on the ratings, S&P said.

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