...NEW YORK (S&P Global Ratings) Aug. 28, 2017--S&P Global Ratings today said its ratings on Altisource Portfolio Solutions S.A. (B/Watch Neg/--) are unaffected following the company's announced cooperative brokerage agreement and letter of intent to enter into a service agreement, both with New Residential (NRZ). We will likely reassess the CreditWatch listing once a definite service agreement is reached. Under the brokerage agreement, Altisource through its subsidiaries will exclusively provide marketing and listing services for real estate owned properties, including in certain mortgage servicing rights acquired by NRZ. The brokerage agreement extends through August 2025 and establishes a relationship with NRZ irrespective of NRZ's subservicer. Our ratings on Altisource reflect the firm's concentration in serving the cyclical mortgage industry and customer concentration with respect to the firm's former parent, Ocwen, which directly provides the company with approximately 56% of its consolidated...
