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Moody's rates Lender Processing loan Baa3
Moody's Investors Service said it affirmed Lender Processing Services, Inc.'s Ba1 corporate family and probability of default ratings and SGL-1 speculative-grade liquidity rating. Moody's revised the outlook to negative from stable.
Moody's assigned Baa3 (LGD3, 35%) ratings to the proposed $400 million secured revolving credit facility due 2016, $350 million term loan A due 2016 and $550 million term loan B due 2018.
Lender Processing has $362 million of senior unsecured notes due 2016 rated Ba2 (LGD5, 88% from 87%).
The revised negative outlook reflects uncertainty of the financial impact on Lender Processing arising from the sharp decline in mortgage originations and the prolonged industry moratoriums imposed by many of the leading banks due to alleged errors in the foreclosure process, the agency said.
The outlook also reflects the unknown magnitude of any legal costs and/or changes in business model as a result of industry-wide litigation and the impact of evolving industry regulation on Lender Processing, the agency added.
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