Realogy is reporting a third-quarter loss of $30 million and credit-rating agency Moody’s says the real estate giant may have to refinance its debt of $7.7 billion as early as next year.
Parent company of Coldwe
ll Banker, Century 21, ERA, Sotheby’s and Better Homes and Gardens, Realogy reported the losses Oct. 5 in the filing of a prospectus supplement. The company has lost $289 million in the first three quarters of 2011, more than triple its 2010 loss of $90 million. This month, Realogy will tap its credit line to pay $215 million in interest, Bloomberg reports.
Moody’s announced Oct. 3 that it had downgraded Realogy’s Speculative Grade Liquidity Rating from SGL-3 fto SGL-4 and changed the rating outlook from “positive” to “stable.” The agency said it doubts the company’s credit line will be enough to cover interest payments and additional losses so long as the real estate market remains weak. “Consequently Realogy may be required to refinance or recapitalize by late 2012 or early 2013,” Moody’s concluded.
Parent company of Coldwe
ll Banker, Century 21, ERA, Sotheby’s and Better Homes and Gardens, Realogy reported the losses Oct. 5 in the filing of a prospectus supplement. The company has lost $289 million in the first three quarters of 2011, more than triple its 2010 loss of $90 million. This month, Realogy will tap its credit line to pay $215 million in interest, Bloomberg reports.Moody’s announced Oct. 3 that it had downgraded Realogy’s Speculative Grade Liquidity Rating from SGL-3 fto SGL-4 and changed the rating outlook from “positive” to “stable.” The agency said it doubts the company’s credit line will be enough to cover interest payments and additional losses so long as the real estate market remains weak. “Consequently Realogy may be required to refinance or recapitalize by late 2012 or early 2013,” Moody’s concluded.
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