Standard & Poor's Ratings Services said its 'B' rating and negative outlook for United States-headquartered property company Realogy Corp. would not be immediately affected despite expectations that its senior secured credit facility leverage covenant cushion will narrow in the June 2008 quarter because S&P believes Realogy will produce positive cash flow generation in the second half of 2008 and significantly reduce its revolver borrowings.Realogy's first quarter, 2008 results.S&P said though, it is concerned that if the United States residential real estate market does not recover before early 2009, Realogy may face EBITDA declines that exceed the low-teens percentage-wise and face a reduced cushion in its senior secured leverage covenant.
