On Feb. 14, Altisource Portfolio Solutions S.A. completed its term loan amendment that extended the maturity of the senior secured term loan to April 2025, with the option to extend to April 2026. We view the amendment as tantamount to a distressed exchange that offers debtholders less value than originally promised. As a result, we lowered our issuer credit rating on the company to 'SD' from 'CC' and our issue rating on the senior secured term loan to 'D' from 'C'. On Feb. 22, 2023, S&P Global Ratings lowered its issuer credit rating on Altisource Portfolio Solutions S.A. to 'SD' from 'CC'. We also lowered our issue rating on the company's senior secured term loan to 'D' from 'C'. The
