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Rating Action:

Moody's takes rating actions on a number of finance companies upon application of new Finance Company Rating Methodology

11 Dec 2018

New York, December 11, 2018 -- Moody's Investors Service ("Moody's") upgraded the Corporate Family Ratings (CFR) of Mobile Mini, Inc. (Mobile Mini) to Ba3 from B1, Oxford Finance LLC (Oxford) to Ba2 from Ba3, New Residential Investment Corp. (New Residential) to Ba3 from B1, PennyMac Mortgage Investment Trust's (PMT) to Ba3 from B1, and Private National Mortgage Acceptance Co, LLC's (PennyMac) to Ba3 from B1. At the same time, Moody's affirmed Mobile Mini's B2 senior unsecured rating, Oxford's Ba3 senior unsecured rating, New Residential's B2 long-term issuer rating, PMT's B2 long-term issuer rating, PennyMac's B2 long-term issuer rating and Freedom Mortgage Corporation's (Freedom) B2 senior unsecured bond rating. The outlook for Mobile Mini, Oxford, New Residential, PMT and PennyMac is stable and the outlook for Freedom is negative.

Moody's also upgraded Freedom's senior secured bank credit facility to Ba2 from B1 and Ocwen Loan Servicing, LLC's senior secured bank credit facility to B2 from B3 while downgrading Williams Scotsman International Inc.'s (Williams Scotsman) senior secured debt to B3 from B2. The CFRs of Freedom and Williams Scotsman were affirmed at B1 and B2, respectively. Moody's affirmed Ocwen Financial Corporation's Caa1 CFR and Caa2 senior unsecured debt, as well as Ocwen Loan Servicing, LLC's Caa2 senior secured debt. The outlook for Ocwen Financial and Ocwen Loan Servicing is stable. Ocwen Loan Servicing, LLC is a wholly-owned subsidiary of Ocwen Financial Corporation (together Ocwen). The outlook for Williams Scotsman is negative.

These rating actions follow the publication of Moody's new finance company rating methodology, which now is the primary methodology that Moody's uses to rate finance companies globally, except in jurisdictions where certain regulatory requirements must be fulfilled prior to the new methodology's implementation.

Moody's has also withdrawn the outlooks on Mobile Mini, Oxford, New Residential, PMT, PennyMac, Freedom, Ocwen Financial Corporation, Ocwen Loan Servicing, LLC, and Williams Scotsman existing instrument ratings for its own business reasons. This has no impact on the rating outlooks for Mobile Mini, Oxford, New Residential, PMT, PennyMac, Freedom, Ocwen Financial Corporation, Ocwen Loan Servicing, LLC, and Williams Scotsman. Over the course of the next year, Moody's will be withdrawing all instrument level outlooks for entities rated under the Finance Companies Rating Methodology. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com

Downgrades:

..Issuer: Williams Scotsman International Inc.

....Senior Secured Regular Bond/Debenture, Downgraded to B3 from B2

Upgrades:

..Issuer: Freedom Mortgage Corporation

....Senior Secured Term Loan, Upgraded to Ba2 from B1

..Issuer: Mobile Mini, Inc.

.... Corporate Family Rating, Upgraded to Ba3 from B1

..Issuer: New Residential Investment Corp.

.... Corporate Family Rating, Upgraded to Ba3 from B1

..Issuer: Ocwen Loan Servicing, LLC

....Senior Secured Term Loan, Upgraded to B2 from B3

..Issuer: Oxford Finance LLC

.... Corporate Family Rating, Upgraded to Ba2 from Ba3

..Issuer: PennyMac Mortgage Investment Trust

.... Corporate Family Rating, Upgraded to Ba3 from B1

..Issuer: Private National Mortgage Acceptance Co, LLC

.... Corporate Family Rating, Upgraded to Ba3 from B1

Outlook Actions:

..Issuer: Freedom Mortgage Corporation

....Outlook, Remains Negative

..Issuer: Mobile Mini, Inc.

....Outlook, Remains Stable

..Issuer: Ocwen Financial Corporation

....Outlook, Remains Stable

..Issuer: Ocwen Loan Servicing, LLC

....Outlook, Remains Stable

..Issuer: Oxford Finance LLC

....Outlook, Remains Stable

..Issuer: PennyMac Mortgage Investment Trust

....Outlook, Remains Stable

..Issuer: Private National Mortgage Acceptance Co, LLC

....Outlook, Remains Stable

..Issuer: Williams Scotsman International Inc.

....Outlook, Remains Negative

..Issuer: New Residential Investment Corp.

....Outlook, Remains Stable

Affirmations:

..Issuer: Freedom Mortgage Corporation

.... Corporate Family Rating, Affirmed B1

....Senior Unsecured Regular Bond/Debenture, Affirmed B2

..Issuer: Mobile Mini, Inc.

....Senior Unsecured Regular Bond/Debenture, Affirmed B2

..Issuer: New Residential Investment Corp.

.... Issuer Rating, Affirmed B2

..Issuer: Ocwen Financial Corporation

.... Corporate Family Rating, Affirmed Caa1

....Senior Unsecured Regular Bond/Debenture, Affirmed Caa2

..Issuer: Ocwen Loan Servicing, LLC

....Senior Secured Regular Bond/Debenture, Affirmed Caa2

..Issuer: Oxford Finance LLC

....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3

..Issuer: PennyMac Mortgage Investment Trust

.... Issuer Rating, Affirmed B2

..Issuer: Private National Mortgage Acceptance Co, LLC

.... Issuer Rating, Affirmed B2

..Issuer: Williams Scotsman International Inc.

.... Corporate Family Rating, Affirmed B2

RATINGS RATIONALE

Moody's rating actions on Mobile Mini, Oxford, New Residential, PMT and PennyMac follow the publication of Moody's new finance company rating methodology and were driven by revisions of their standalone profile as reflected by changes to the companies' CFRs, resulting from the significant changes and enhancements from Moody's previous rating methodology for rating these firms. These changes and enhancements for rating finance companies include the introduction of new financial ratios such as a net charge-offs ratio and a debt maturity coverage ratio, the dynamic weighting of operating environment conditions that can adversely influence firms' creditworthiness, and the incorporation of specific qualitative factors as direct notching adjustments to ratings.

The rating actions for Freedom, Ocwen and Williams Scotsman were driven by application of the loss given default framework which is introduced in the new Finance Company methodology for the first time.

FIRM-SPECIFIC CONSIDERATIONS

Moody's specific rating considerations for each issuer affected by these rating actions is as follows:

Mobile Mini

Moody's said Mobile Mini's CFR was upgraded to Ba3 as a result of the increased weighting placed on the Financial Profile in the new methodology. Specifically, Mobile Mini's profitability and asset quality appear stronger and more resilient in the new methodology. The affirmation of Mobile Mini's B2 senior unsecured rating reflects the application of Moody's Loss Given Default for Speculative-Grade Companies and the priority of the senior unsecured debt in the company's capital stack.

The ratings could be upgraded if the company reduces debt/EBITDA leverage to 4x and builds up its tangible equity. The ratings would be downgraded if the company's financial and operating performance substantially deteriorates and if its leverage, measured as Debt/EBITDA increases, either due to additional borrowings or as a result of weak financial performance.

Oxford Finance

Moody's said Oxford Finance's CFR was upgraded to Ba2 as a result of the increased weighting placed on the Financial Profile in the new methodology. Specifically, Oxford Finance's profitability appears stronger and more resilient in the new methodology. The affirmation of Oxford Finance's Ba3 senior unsecured rating reflects the application of Moody's Loss Given Default for Speculative-Grade Companies and the priority of the senior unsecured debt in the company's capital stack.

The ratings could be upgraded if the company diversifies its funding sources whereas secured debt to gross tangible assets falls meaningfully below 35%, while maintaining profitability, capital level and asset quality strength.

The ratings could be downgraded if the company's loan performance suffers or its leverage as measured by the company's debt (including non-recourse secured financing and securitization facilities) to equity ratio increases above 3x.

New Residential

Moody's said New Residential's CFR was upgraded to Ba3 as a result of the increased weighting placed on the Financial Profile in the new methodology. Specifically, New Residential's profitability and asset quality appear stronger and more resilient in the new methodology. The affirmation of New Residential's B2 long-term issuer rating reflects the application of Moody's Loss Given Default for Speculative-Grade Companies.

The ratings could be upgraded if the company reduces risks related to its reliance on Nationstar, DiTech Holding Corporation and Ocwen or reduces its reliance on short-term secured funding while maintaining solid profitability and strong capital; for example, net income to average managed assets and tangible common equity (TCE) to tangible managed assets (TMA) remain above 2.5% and 17.5%, respectively.

The ratings could be downgraded if New Residential's net income to average managed assets or TCE to TMA dropped below 1.5% and 14%, respectively, for a sustained period. Negative rating pressure could also result from a weakening liquidity position or increased risks related to its reliance on its subservicers.

PMT

Moody's said PMT's CFR was upgraded to Ba3 as a result of the increased weighting placed on the Financial Profile in the new methodology. Specifically, PMT's profitability appears stronger and more resilient in the new methodology. The affirmation of PMT's B2 issuer rating reflects the application of Moody's Loss Given Default for Speculative-Grade Companies and the priority of the senior unsecured claims in the company's capital stack.

The ratings could be upgraded if the company further diversifies its production channels and reduces its reliance on secured debt while maintaining solid capital levels such as if tangible common equity to tangible assets remains consistently above 20.0% and profitability improves with net income to average assets consistently above 2.5%. The ratings could be downgraded if financial performance deteriorates - for example, if net income to managed assets falls consistently below and is expected to remain below 1.5% or if leverage increases such that the company's tangible common equity to assets falls below and is expected to remain below 20%.

PennyMac

Moody's said PennyMac's CFR was upgraded to Ba3 as a result of the increased weighting placed on the Financial Profile in the new methodology. Specifically, PennyMac's profitability and liquidity appear stronger and more resilient in the new methodology. The affirmation of PennyMac's B2 issuer rating reflects the application of Moody's Loss Given Default for Speculative-Grade Companies and the priority of the senior unsecured claims in the company's capital stack.

The ratings could be upgraded if the company further strengthens its franchise position. In addition, positive ratings pressure could occur if the company further diversifies its production channels and reduces its reliance on secured debt while maintaining solid capital levels such as if tangible common equity to tangible assets remains consistently above 20.0% and profitability improves with net income to average assets consistently above 4.0%. The ratings could be downgraded if financial performance deteriorates - for example, if net income to managed assets falls consistently below and is expected to remain below 2.5% or if leverage increases such that the company's tangible common equity to assets falls below and is expected to remain below 20%.

Freedom

The affirmation of Freedom's B1 CFR reflects the company's historically strong profitability with net income to assets above 4% per annum over the last several years and solid capital level with tangible common equity (TCE) to tangible managed assets (TMA) of 19.2% as of Q3 2018. The negative outlook reflects the potential negative impact on the company's franchise of the June 1, 2018 announcement that the Government National Mortgage Association ("Ginnie Mae") restricted Freedom from contributing VA single-family loans to Ginnie Mae I and Ginnie Mae II multi-issuer securities as of July 1, 2018. Freedom is allowed to sell VA loans into Ginnie Mae II custom pools. Freedom remains an approved Ginnie Mae issuer to pool FHA and RHS single-family insured mortgages in all eligible Ginnie Mae pool types. The upgrade of Freedom's senior secured bank credit facility to Ba2 and the affirmation of the company's B2 senior unsecured bond rating reflects the application of Moody's Loss Given Default for Speculative-Grade Companies and their priorities of claims and asset coverage in the company's capital stack.

Given the negative credit impact of the Ginnie Mae announcement, it is unlikely that positive ratings pressure will occur over the next 12 to 18 months. Positive ratings pressure could occur if the company is able to maintain its strong profitability and solid capital levels for example sustained profitability with net income excluding MSR fair value marks to assets above 3.0% and tangible common equity to tangible assets close to 20%. Additionally, a reduction in the company's reliance on secured corporate debt to less than 35% of total corporate debt would be viewed favorably. The ratings could be downgraded if the company's tangible common equity to tangible managed assets falls below and is expected to remain below 15%, profitability deteriorates with net income to assets falling below and expected to remain below 2.0%, the company's liquidity position weakens, or the company continues to be restricted with respect to Ginnie Mae issuance beyond January 2019. Further material negative regulatory actions or disclosure of a material operating weakness would also be viewed unfavorably.

Ocwen

Moody's said Ocwen Loan Servicing, LLC's senior secured bank credit facility was upgraded to B2 from B3 as a result of the application of Moody's Loss Given Default for Speculative-Grade Companies and the priority of the senior secured bank credit facility in the company's capital stack. The affirmation of the company's Caa2 senior secured rating, as well as Ocwen Financial Corporation's Caa2 senior unsecured rating also were driven by the application of the loss given default framework. The affirmation of Ocwen Financial Corporation's Caa1 CFR reflects the regulatory scrutiny the company is experiencing and the company's very weak profitability, largely due to the impact of high legal, regulatory and servicing expenses, as well as the limited opportunities available in its core market, credit impaired residential mortgage servicing.

The ratings could be upgraded in the event the company achieves sustainable profitability as measured by positive net income to total assets. The ratings could be downgraded in the event that regulatory action or litigation materially restricts the company's business activities, or harms its franchise and reputation, or the company is subject to additional regulatory or legal action resulting in material fines or judgments.

Williams Scotsman

Moody's said Williams Scotsman International Inc.'s senior secured debt rating was downgraded to B3 from B2 as a result of the application of Moody's Loss Given Default for Speculative-Grade Companies and the priority of the senior secured debt in the company's capital stack. The affirmation of the company's B2 CFR reflects William Scotsman's increasing leverage and integration requirements as the company continues to finance acquisitions in part with debt, as well as the uncertainty about the company's future performance as a recently reconstituted publicly-traded entity, its profitability challenges due to transaction, integration and restructuring costs, as well as its reliance on secured financing to fund its operations, which encumbers assets and reduces financial flexibility.

The negative outlook reflects Moody's expectation that Williams Scotsman will continue to increase its leverage through debt-financed acquisitions. The ratings could be upgraded if it achieves and sustains solid profitability with pre-tax, pre-provision income to average managed assets (PPI/AMA) above 1%, while it continues to maintain its solid capital level. The ratings could be downgraded if its financial and operating performance substantially deteriorates, and if its leverage, measured as Debt/EBITDA increases, either due to additional borrowings or as a result of weak financial performance.

The principal methodology used in these ratings was Finance Companies published in December 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Brian L. Harris
Senior Vice President/Manager
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Ana Arsov
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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