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Moody’s cuts Walter Investment, debt
Moody's Investors Service said it downgraded Walter Investment Management Corp.’s corporate family rating to Caa3 from Caa2, senior unsecured debt to Ca from Caa3 and senior secured bank credit facility to Caa2 from Caa1.
The outlook is negative.
Moody’s said the action follows the company's announcement that it entered into a restructuring support agreement with more than 50% of senior term loan lenders.
“The company's actions increase creditors' probability of loss and potential loss severity. Uncertainty regarding the outcome of the restructuring proposal and the increased risk of a bankruptcy filing should it not succeed further impairs the company's franchise and prospects for achieving sustained profitability,” the agency said in a news release.
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