...May 13, 2022 - Although foreclosure moratoriums and other regulatory restrictions expired in the second half in 2021, judicial delays have prolonged foreclosure proceedings and the subsequent ramp-up in distressed real estate inventories, which has challenged California-based Auction.com Holding Co. Inc.'s operating performance. - On July 20, 2021, the company issued $800 million of preferred shares to repay its existing second-lien debt of $110 million and fund a special dividend; it placed the remaining proceeds as cash on the balance sheet. - We expect the company's performance to continue improving in 2022 as it benefits from a steady inflow of distressed real estate, allowing it to lower leverage and improve free cash flow substantially by 2023. - As a result, we affirmed our 'B-' issuer credit rating and 'B-' rating ('3' recovery rating) on the company's first-lien debt. - The stable outlook reflects our view that Auction.com has sufficient liquidity over the next 12 months to fund...
