S&P puts CoreLogic on watch

S&P said it placed all its CoreLogic Inc. ratings, including the BB issuer rating, on CreditWatch with negative implications.

CoreLogic agreed to be acquired by Stone Point Capital LLC and Insight Partner.

“The CreditWatch placement reflects our belief that the pending acquisition of CoreLogic by financial sponsors Stone Point Capital and Insight Partner will likely increase debt in the company’s capital structure. This could weaken its credit metrics well beyond our downgrade threshold,” S&P said in a press release.

The agency aims to resolve the placement over the next 90 days or once the transaction closes and it has details on the new capital structure growth strategy and financial policy.

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