The senior subordinated and senior unsecured debt of LNR Property Corp., Miami Beach, Fla., have been downgraded by Fitch Ratings and removed from Rating Watch Evolving.The senior subordinated debt rating was lowered from BB-minus to B-minus, and the senior unsecured debt rating was lowered from BB-plus to B. The rating outlook is stable, Fitch said. The rating actions are based on the expectation that "there will be meaningful changes in LNR's leverage, capitalization, funding, and liquidity profile" as a result of the acquisition of the real estate investment company by Cerberus Capital Management LP, the rating agency said. "The terms of the company's planned credit facilities will encumber all existing available unencumbered assets and cash flows," Fitch said. "While the market value of LNR's total asset base will be meaningfully in excess of the company's total indebtedness, all available assets will effectively be used to secure funding." Fitch can be found online at http://www.fitchratings.com.
-
The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
10m ago -
The Federal Housing Administration, the Department of Veterans Affairs and the Federal Housing Finance Agency have started gathering data and analyzing how climate risk will impact the housing ecosystem.
11h ago -
A special committee is exploring any possible structural "strategic alternatives," which would be aimed at increasing shareholder value, the real estate investment trust said.
April 22 -
An insurance-indexed debt-to-income ratio could help mitigate borrowers' rising premiums, and help maintain a healthy servicing portfolio, experts said.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22 -
Industry leaders expressed a high degree of satisfaction with technology in use, but also said a product's cost is the most important criteria for them when partnering with vendors, according to Fannie Mae research.
April 22