Moody’s raises MCS CFR, debt to B2

Moody's Investors Service said it upgraded MCS Group Sub-Holdings LLC's corporate family rating to B2 from B3, probability of default rating to B3-PD from Caa1-PD and senior secured rating to B2 from B3.

The outlook remains stable.

Moody’s said the upgrade of the corporate family rating to B2 from B3 reflects MCS' improved credit metrics and a good liquidity profile. Ongoing residential mortgage foreclosure delays, especially in states with a judicial foreclosure process, provide support as MCS revenues are a function of both the number of delinquent mortgage loans as well as the length of time a mortgage loan remains delinquent.

Yet over a longer term, Moody's said it anticipates revenues from the core preservation services business will be pressured as the number of delinquent mortgage loans declines.

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