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S&P removes Ocwen from watch
S&P said it affirmed its B- ratings for Ocwen Financial Corp. and removed them from CreditWatch with negative implications, citing better than expected financial performance. The ratings had been on watch since April 13.
“We believed there was a risk that increases in Covid-19-related forbearance plans during the second quarter could have strained liquidity. The company now expects $140 million of incremental servicing advances, peaking in the fourth quarter of this year, that it anticipates to fund with $25 million of cash and the remainder from drawing on its servicing advance facilities,” S&P said in a press release.
The outlook is negative.
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