Altisource has continued to decrease outstanding debt as EBITDA has continued to decline. Debt amortization of approximately $25 million in 2018 and $42 million for 2019 should offset some of the leverage impact from declining EBITDA. We are affirming our issuer credit rating on Altisource at 'B'. The stable outlook reflects our view that Altisource will reach a service agreement with NRZ and will operate with a debt-to-EBITDA ratio of 3.0x-4.0x. On July 3, 2018, S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Altisource Portfolio Solutions S.A. The outlook remains stable. At the same time, we affirmed our 'B+' issue rating on Altisource's senior secured term loan. The recovery rating on the debt remains '2', reflecting our
