Grace Period for payment expires this week.
December 18, 2018 14:47 ET (19:47 GMT)
Press Release: S&PGRBulletin:Ditech's Grace Period Doesn't Trigger Rtg Action
The following is a press release from S&P Global Ratings:
NEW YORK (S&P Global Ratings) Dec. 18, 2018--In S&P Global Ratings' opinion,
Ditech Holding Corp.'s recent decision to enter into a 30-day grace period on its $9 million interest payment--that was originally due to the holders of the company's second-lien notes in December 2018--does not trigger a default under our criteria. We believe the interest payment will be made within the 30-day
grace period, and therefore we still expect the payment to be timely. Our 'CCC' long-term issuer credit rating and negative outlook on Ditech, as well as our 'CCC' rating on its senior secured term loan and 'CC' rating on its second-lien notes, remain unchanged.
