S&P revises Mr. Cooper view to negative

S&P said it revised its outlook for Mr. Cooper Group Inc. to negative from stable on high leverage.

“The negative outlook reflects our expectation that debt to EBITDA and EBITDA interest coverage will remain around 6.0x and 2.0x, respectively, over the next 12 months,” said S&P in a press release.

The agency also revised its recovery rating on the unsecured notes to 4 from 3, indicating an estimate of an average (45%) recovery in the event of default.

S&P affirmed Mr. Cooper’s issuer rating and the rating on its unsecured debt at B.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.