Moody’s rates Quicken Loans CFR, bond Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating to Quicken Loans Inc. and a Ba2 unsecured debt rating to its planned $1.25 billion senior unsecured bond offering.

The outlook is stable.

Moody’s said the ratings reflect the company's solid profitability and strong capital position. The ratings also reflect Quicken Loans’ strong market position in the U.S. mortgage market as the third-largest U.S. mortgage originator and the 10th largest U.S. mortgage servicer.

On April 27, the company announced its intention to issue the $1.25 billion of senior unsecured debt. The company is planning to distribute $1 billion of the proceeds to shareholders with the remaining being used for general corporate purposes.

The stable outlook reflects Moody's expectation that Quicken will be able to maintain its solid profitability and capital position as well as maintain its strong market positioning as a leading U.S. mortgage originator, the agency said.

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