The ratings on the senior debt of Prime Property Fund and Prime Property Funding II Inc. have been lowered from A2 to A3 by Moody's Investors Service.The rating outlook is stable. Prime Property Funding II, a subsidiary of The Equitable Life Assurance Society of the United States, was created to issue debt securities and to assign the proceeds to Prime Property Fund in exchange for a funding agreement, Moody's said. The rating agency attributed the downgrades to three considerations: "debt protection measures, including high leverage, are more consistent with the A3 rating; risks associated with the [conversion to a private real estate investment trust] are material, although the fund's management is taking steps to minimize such risks; and the fund's ability to substantially delever may prove difficult as the fund pursues a more aggressive growth strategy over the next two years." Moody's can be found online at http://www.moodys.com.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
May 9 -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
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Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
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Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
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The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
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The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9