S&P revised Quicken Loans notes to BB

Standard & Poor’s said it corrected the rating on Quicken Loans Inc.’s senior unsecured notes by lowering it to BB from BBB-.

The agency also said it corrected the recovery rating on the notes by revising it to 3H from 1.

The rating error occurred in April when the agency assigned issue and recovery ratings to the notes.

S&P said it should have assigned a BB rating to the senior unsecured notes because senior unsecured notes are typically not rated above the issuer credit rating when the latter stands in the BB category.

The company’s BB issuer credit rating is unchanged, the agency added.

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