Ocwen Financial Corp announced an exchange offer for all outstanding 6.625% senior notes due 2019 for 8.375% senior secured second lien notes due 2022 issued by Ocwen Loan Servicing, LLC. We are assigning an issue rating of 'B' and a recovery rating of '3' to the new second lien notes. We are also downgrading the current unsecured notes to 'CCC+' and revising the recovery rating to '6', assuming there is a remaining balance after the exchange. We affirmed the ratings on the senior secured term loan at 'BB-' and the issuer rating at 'B'. The outlook is stable. We are also assigning an issuer credit rating to Ocwen Loan Servicing, LLC of 'B' based on its core group status to
