Moody’s lifts Quicken Loans

Moody's Investors Service said it upgraded Quicken Loans Inc.'s senior unsecured debt and corporate family ratings to Ba1 from Ba2.

The outlook is stable.

The agency said the upgrade reflects the company's improved funding profile over the last year as the company has extended the terms on more than 40% of its bank origination warehouse funding facilities to two-years from one-year and continues to reduce its reliance on secured funding.

In addition, Moody’s said it views the strengthening of the company's franchise position in purchase originations as a credit positive.

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