The moratorium on mortgage foreclosures, stay-at-home policies from the COVID-19 pandemic, and the transfer of certain field services, title and valuation referrals related to one of Ocwen's MSR investors to that investor's captive vendors hurt Altisource's 2020 operating results, resulting in EBITDA interest coverage of about 0.8x and negative cash flow from operations. We expect Altisource's EBITDA and cash flow generation will continue to suffer in 2021 from the extension of the moratorium on foreclosures by the Biden Administration. As a result, we lowered our issuer credit rating on Altisource Portfolio Solutions S.A. to 'CCC+' from 'B-' and lowered our rating on the company's senior secured debt to 'CCC-' from 'B-'. The negative outlook reflects our view that the moratorium
