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Rating Action
|4 min read
|23 Sep 2025
Moody's Ratings
New York, September 23, 2025 -- Moody's Ratings (Moody's) placed its ratings for Anywhere Real Estate Group LLC (Anywhere) under review for upgrade, including the B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR). Concurrently, we placed all instrument ratings for Anywhere under review for upgrade, including the Ba3 senior secured first lien bank credit facility, B3 back senior secured second lien notes, and Caa2 senior unsecured notes. The speculative grade liquidity rating remains unchanged at SGL-3. Previously, the outlook was stable.The rating action follows the announcement that the company's parent has entered into a definitive agreement to merge with a subsidiary of Compass Inc. (Compass). Anywhere shareholders will receive 1.436 Compass class A common stock, or roughly $1.6 billion. The transaction is expected to close in the second half of 2026 subject to the approval of Compass and Anywhere shareholders and regulators, along with customary closing conditions.
As part of the financing, Compass has publicly stated its intention to assume $2.1 billion Anywhere's existing debt. Our review of the ratings will focus on the combined company's credit profile and pro forma capital structure upon closing of the transaction, including any anticipated parental support.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings were placed on review for upgrade based on potential ownership by Compass, which will result in a larger and more diverse business with access to greater financial resources. We believe that Anywhere's operations will be complimentary to Compass' existing brokerage operations and adds diversity from its franchising opportunities and title operations. The combination will also benefit from operational efficiencies.
Anywhere Real Estate Group LLC (formerly known as Realogy Group LLC) is an indirect subsidiary of publicly-traded Anywhere Real Estate Inc. (NYSE:HOUS, formerly known as Realogy Holdings Corp.) and is based in Madison, NJ. Anywhere provides franchise and brokerage operations as well as national title, settlement, and relocation services, and nationally scaled mortgage origination and underwriting joint ventures. The company operates in three segments: Franchise Group, Brokerage Group, and Title Group. The franchise brand portfolio includes Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. We expect revenue of $5.9 billion in 2025.
The principal methodology used in these ratings was Business and Consumer Services published in November 2021 and available at Ratings.Moodys.com. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.
The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on Ratings.Moodys.com.
For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions.
For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating.
For provisional ratings, the Credit Rating 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.
Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process.
Eurobbligazioni: Anywhere Real Estate, 9.75% 15apr2030, USD (USU75355AM67) - quotazioni e rendimenti
Eurobbligazioni Anywhere Real Estate, 9.75% 15apr2030, USD, informazioni sulla obbligazione: emittente, sondaggi, quotazioni, pagamenti, rating e rendimenti.
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