Moody's Investors Service has affirmed its "SQ3+" rating for Accredited Home Lenders.
The affirmation came in light of the news that Accredited's parent, Accredited Home Lenders Holding Co., is being bought by Lone Star Funds, a private equity group. The deal will make Accredited a privately held company.
Moody's said the deal may give Accredited "enhanced access to capital" given the current market environment.
Accredited's portfolio consists primarily of subprime first-lien and simultaneously originated second-lien loans. Accredited's servicing operations are located in San Diego and Orlando, Fla. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com