Moody's gives Walter Investment notes B3

Moody's Investors Service said it assigned a B3 rating to Walter Investment Management Corp.'s proposed $500 million senior unsecured notes.

The company's B2 corporate family rating and B2 senior secured bank credit facility ratings were affirmed, and the firm's rating outlook remains stable.

On Dec. 3, Walter announced their intention to enter into a new secured credit agreement of $1,625,000,000, which will include a $1.5 billion term loan and a $125 million revolving credit facility. In addition, the company also announced its intention to issue $500 million of senior unsecured notes.

The B2 senior secured bank facility rating and B3 rating of the unsecured notes are based upon their terms and priority in Walter Investment's capital profile. The unsecured notes are structurally subordinated to the firm's secured indebtedness but senior to the existing senior subordinated convertible notes.

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