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S&P lowers Mr. Cooper
S&P said it lowered the long-term issuer credit rating on Mr. Cooper Group Inc. to B from B+.
The outlook is stable.
The agency also said it lowered the rating on Mr. Cooper's unsecured notes to B from B+.
The recovery rating of 3 is unchanged, indicating 65% expected default recovery.
The downgrades reflect an expectation that leverage will rise to 6x to 6.5x over the next 12 months, S&P said.
The increase in leverage is driven by recent acquisitions and the company's intent to fund the transactions with financing of its mortgage servicing rights and cash, the agency said.
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