Altisource Senior Secured Rating Raised To 'BB-' from 'B+' on Higher Recovery Expectations; Issuer Rating Affirmed - S&P Global Ratings’ Credit Research

Altisource Senior Secured Rating Raised To 'BB-' from 'B+' on Higher Recovery Expectations; Issuer Rating Affirmed

Altisource Senior Secured Rating Raised To 'BB-' from 'B+' on Higher Recovery Expectations; Issuer Rating Affirmed - S&P Global Ratings’ Credit Research
Altisource Senior Secured Rating Raised To 'BB-' from 'B+' on Higher Recovery Expectations; Issuer Rating Affirmed
Published Oct 12, 2016
4 pages (1600 words) — Published Oct 12, 2016
Price US$ 150.00  |  Buy this Report Now

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Abstract:

Altisource's Debt levels have decreased by approximately $100 million over the past couple of years as the company has continued to repurchase debt. Though we expect EBITDA will decrease as revenue from Ocwen runs off, we believe this will be significantly offset by growth in non-Ocwen related revenues. We are raising our issue rating on Altisource's senior secured term loan to 'BB-' from 'B+' on higher recovery expectations in a default scenario. Issuer credit rating affirmed at 'B+', outlook remains stable. NEW YORK (S&P Global Ratings) Oct. 12, 2016--S&P Global Ratings said today it raised their issue rating on Altisource Solutions S.a.r.l's senior secured term loan to 'BB-' from 'B+' on improved recovery expectations. We revised our recovery rating on

  
Brief Excerpt:

...+ Altisource's Debt levels have decreased by approximately $100 million over the past couple of years as the company has continued to repurchase debt. + Though we expect EBITDA will decrease as revenue from Ocwen runs off, we believe this will be significantly offset by growth in non-Ocwen related revenues. + We are raising our issue rating on Altisource's senior secured term loan to '##-' from 'B+' on higher recovery expectations in a default scenario. + Issuer credit rating affirmed at 'B+', outlook remains stable. NEW YORK (S&P Global Ratings) Oct. 12, 2016--S&P Global Ratings said today it raised their issue rating on Altisource Solutions S.a.r.l's senior secured term loan to '##-' from 'B+' on improved recovery expectations. We revised our recovery rating on the loan to '2'--indicating our expectation for substantial recovery (70%-90%, lower half of the range) in the event of a default--from '3'. We also affirm Altisource Portfolio Solutions S.A.'s issuer credit rating of 'B+', outlook...

  
Report Type:

Ratings Action

Issuer
Sector
Global Issuers
Country
Region
Europe, Middle East, Africa
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Altisource Senior Secured Rating Raised To 'BB-' from 'B+' on Higher Recovery Expectations; Issuer Rating Affirmed" Oct 12, 2016. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Altisource-Senior-Secured-Rating-Raised-To-BB-from-B-on-Higher-Recovery-Expectations-Issuer-Rating-Affirmed-1734712>
  
APA:
S&P Global Ratings’ Credit Research. (). Altisource Senior Secured Rating Raised To 'BB-' from 'B+' on Higher Recovery Expectations; Issuer Rating Affirmed Oct 12, 2016. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Altisource-Senior-Secured-Rating-Raised-To-BB-from-B-on-Higher-Recovery-Expectations-Issuer-Rating-Affirmed-1734712>
  
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