DBRS Morningstar Withdraws Ratings of Rithm Capital Corp.

DBRS, Inc. (DBRS Morningstar) withdrew the Long-Term Issuer Ratings on Rithm Capital Corp. (RITM or the Company), and those of its subsidiaries, New Residential Mortgage LLC and MSR WAC LLC as listed in the rating table below. The withdrawal follows the repayment of certain notes issued by New Residential Mortgage LLC and MSR WAC LLC (the Notes), which were collateralized by mortgage servicing rights (MSRs), and benefited from a guarantee from RITM. With the Notes being repaid, the Long-Term Issuer Ratings were no longer required to be maintained by DBRS Morningstar and are being withdrawn for business purposes. The last rating action on RITM was on October 5, 2021, when DBRS Morningstar upgraded the Company’s Long-Term Issuer Rating to BB (low), with a Stable trend.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

There were no Environmental/ Social/ Governance factor(s) that had a significant or relevant effect on the credit analysis

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings. May 17, 2022.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is the Global Methodology for Rating Non-Bank Financial Institutions (September 2, 2022): https://www.dbrsmorningstar.com/research/383936/global-methodology-for-rating-non-bank-financial-institutions. Other applicable methodologies include DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (May 17, 2022): https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar’s outlooks and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com.

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