Moody's confirms PHH

Moody's Investors Service said it confirmed the Baa3 senior debt ratings and Prime-3 short-term ratings of PHH Corp. after the company said its agreement to be acquired by General Electric Capital Corp. was terminated.

The outlook is negative. This concludes the review that began on Sept. 17.

"The confirmation of PHH's ratings reflects its strong position in the stable and profitable fleet leasing business, focus on high quality mortgage product and strong capital levels," Moody's vice president Craig Emrick said in a written statement.

"The negative outlook reflects that PHH's mortgage business will likely experience profitability and funding challenges in 2008," Emrick noted.

© 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.