We expect Altisource Portfolio Solutions S.A. to lose over 25% of its total service revenue starting in the third quarter of 2020 as a result of Ocwen transferring certain field services and default-related service referrals to other providers. As a result, we believe the company will sustain leverage, measured by debt to adjusted EBITDA, over 4x, our previously cited threshold for a downgrade. We are therefore lowering our ratings on Altisource Portfolio Solutions and the company's senior secured notes to 'B-' from 'B'. The negative outlook reflects our view that the moratorium on foreclosures, the COVID-19 pandemic, and any additional unforeseen events could further weigh on Altisource's operations. On Sept. 4, 2020, S&P Global Ratings lowered its issuer credit rating
