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Moody’s drops MCS AMS, debt
Moody's Investors Service said it downgraded MCS AMS Sub-Holdings LLC’s corporate family rating to B3 from B2, probability of default rating to Caa1-PD from B3-PD and its senior secured debt to B3 from B2.
The outlook was revised to negative.
Moody’s said the downgrade of the corporate family rating reflects its expectations for revenue declines in 2014 and no growth in 2015 driven by ongoing residential mortgage foreclosure delays and the loss of certain contracts from one of MCS AMS' largest customers. Moody's expects 2014 revenues of about $400 million, down over 10% from 2013 (pro forma for the 2013 merger of Asset Management Holdings, Inc. and Mortgage Contracting Services LLC).
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