Fitch: PHH on watch evolving

Fitch Ratings said it revised the Rating Watch to evolving from positive on PHH Corp.'s long-term issuer default rating BBB+, short-term issuer default rating F2, senior unsecured BBB+ and commercial paper F2.

Fitch placed PHH on Rating Watch positive on March 15 following the announcement of a deal with General Electric Capital Corp. and affiliates of the Blackstone Group. The possible upgrade reflected the relative creditworthiness of GECC to PHH, Fitch said.

The change to Rating Watch evolving follows the company's disclosure that the merger may not occur as planned due to potential financing shortfalls, according to the agency.

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