S&P rates Quicken Loans notes BBB-

Standard & Poor’s said it assigned its BB issuer credit rating to Quicken Loans Inc. The outlook is stable.

S&P also assigned a BBB- issue rating to the company’s $1.25 billion senior unsecured notes. S&P assigned a recovery rating of 1 to Quicken’s senior unsecured notes. The 1 recovery rating indicates an expectation of a “very high” (90%-100%) recovery in a default scenario.

“We expect Quicken will operate with a net debt to EBITDA ratio of between 1.0x and 1.5x and an interest coverage ratio between 6.0x and 7.0x,” said S&P credit analyst Stephen Lynch in a news release.

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