Clayton Holdings Gets Upgraded
Clayton Holdings, a provider of analytics, consulting and outsourced services for loan servicers, capital market firms, lenders and fixed-income investors, had its corporate debt ratings upgraded by Moody's Investors Service.
Moody's upgraded the firm's rating to "Ba3" from a previous rating of "B1" with a stable outlook. Standard & Poor's also revised its outlook on the company's rating to positive from stable, indicating that another upgrade may be in the works.
Clayton also said that it has amended its existing credit facility, reducing the borrowing rates on the related debt by 125 basis points, effective March 15. Since December of last year, Clayton has repaid $20 million of debt ahead of schedule.
"We are very pleased that the rating agencies have recognized our efforts to diversify our revenue stream and improve the financial condition of the company," said Frank Filipps, chairman and CEO of Clayton.
He said that based on current debt levels, the repricing of the credit line will reduce interest expense by about $750,000 annually.
(c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com