Recently regarding Coldwell Banker

From forbes.com regarding Realogy, the owner of Coldwell Banker:
/28/08, 12:51 AM ET
Realogy’s outlook cut to negative; ratings affirmed – S&P

(Thomson Financial) – Standard & Poor’s Ratings Service said it has revised Realogy Corp’s outlook to negative from stable, citing a significantly lower expectation for EBITDA generation in 2008 than S&P had previously expected, and the resultant narrowing of the EBITDA cushion in the company’s senior secured credit facilities leverage covenant.

S&P affirmed the real estate franchisor’s ratings, including the ‘B’ corporate credit rating.

The rating reflects Realogy’s highly leveraged capital structure, thin expected EBITDA coverage of interest expense, and reduced cash flow generating ability due to the residential real estate downturn and the close of its $9 billion leveraged buyout by Apollo Management LP in April 2007, S&P said.