Moody's: PHH direction uncertain

Moody's Investors Service said it changed the rating review status of PHH Corp. (Baa3 senior debt) to review with direction uncertain from review for possible upgrade.

This rating action follows PHH's announcement that indicated that the completion of its agreement to be acquired by GE Capital Solutions, the business-to-business leasing, financing and asset management unit of General Electric Co., in an all cash transaction valued at $1.8 billion is becoming less certain as a result of a contingency involving the planned separate transaction between GE and the Blackstone Group, the agency said.

During its review, Moody's said it will focus on the prospects for completion of the previously announced acquisition transaction, as well as PHH's business prospects, capital structure and funding should the acquisition by GE not go through, or occur in some other manner.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.