Altisource Portfolio Solutions S.A. announced that it will issue a $200 million add-on to the $200 million long-term senior secured term loan it issued in November 2012. Altisource will use the proceeds as long-term financing for part of its acquisition of the fee-based business from Ocwen Financial Corp., as well as for stock repurchases and general purposes, including acquisitions. We are lowering our rating on the firm's long-term senior secured term loan to 'B+' from 'BB-' and revising our recovery rating to '3' from '2'. At the same time, we are affirming our 'B+' issuer credit rating on Altisource. The stable outlook reflects our view of the operational risks the firm's continued growth across multiple geographies and multiple products pose
