Moody’s revises Altisource view to negative

Moody’s Investors Service said it revised the outlook for Altisource Sarl to negative from under review and confirmed its Caa1 corporate family and long-term senior secured bank credit ratings.

The change in outlook and rating confirmations conclude the review for downgrade started on March 13 and extended on Aug. 7, the agency said.

“The negative outlook for Altisource reflects Moody’s view that challenging operating conditions will continue to pressure the company’s revenues and profitability and slow its diversification efforts away from Ocwen and New Residential, over the next 12-18 months. Moody’s expects Altisource’s default-related businesses to continue to be negatively impacted by coronavirus-related governmental measures, including forbearance plans, as well as foreclosure and eviction moratoriums which may be extended,” the agency said in a press release.

© 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.