S&P drops Greystone outlook to stable

S&P said it revised its outlook for Greystone Select Financial LLC to stable from positive and affirmed its B- ratings on the company and its senior secured debt. The 1 recovery rating on the debt is unchanged.

“We no longer expect Greystone's operating performance will support an upgrade in 2023.

“Greystone, like other multifamily mortgage lenders, faces a weaker origination environment in 2023, following higher interest rates and inflationary pressures. As a result, we expect Greystone's earnings to weaken over the next 12 months, such that the company's leverage will remain 3x-4x,” the agency said in a press release.

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