Fitch gives Freedom Mortgage parent BB-

Fitch Ratings said it assigned a long-term issuer default rating of BB- to Freedom Mortgage Holdings LLC, the new parent and holding company of Freedom Mortgage Corp. also rated BB-.

Concurrently, the agency said it affirmed the senior unsecured rating of B+, which is now being rated under Freedom Holdings rather than Freedom. Following a corporate structure change and issuer substitution, Freedom Holdings is the issuer of the new 2026 notes, new 2027 notes, 2028 notes, and 2030 notes.

“Freedom Holdings' long-term IDR of BB- is aligned with Freedom's and reflects its full ownership of Freedom, unconditional guarantee on an unsecured basis provided by Freedom and Freedom Mortgage Parent LLC (not rated), unconstrained upstream dividend capacity and sufficient enterprise level liquidity to support ongoing holding company debt service,” Fitch said in a press release.

The outlook is aligned with Freedom’s stable outlook, Fitch said.

© 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.