Moody’s cuts Walter Investment, facility, bonds

Moody's Investors Service said it downgraded Walter Investment Management Corp.’s long-term corporate family rating to Caa2 from Caa1, senior secured bank credit facility to Caa1 from B3 and senior unsecured bonds to Caa3 from Caa2.

The outlook remains negative.

Moody’s said the action is due to the growing risk of a debt restructuring that the agency believes is presented by the company's depleted capital, which is due to its continued losses. While the earliest maturity of the company's corporate debt is November 2019, absent a restructuring, Moody’s believes the likelihood that the company will be able to refinance its corporate debt is limited.

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