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S&P lifts Walter Investment view to stable
Standard & Poor's said it revised the outlook on Walter Investment Management Corp. to stable from negative.
The agency also said it affirmed the company’s B+ issuer credit rating.
S&P also said it raised the rating on the company’s term loan to BB- from B+ and revised the recovery rating to 2 from 3. The 2 recovery rating indicates 70% to 90% expected default recovery.
The agency also said it affirmed the B- rating its senior unsecured notes. The recovery rating on the notes is 6, indicating 0 to 10% expected default recovery.
The outlook revision is based on a combination of Walter's recent progress on moving to a fee-for-service business model, along with the company's settlement with U.S. Department of Housing and Urban Development program and U.S. Department of Justice, S&P said.
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