Fitch puts PHH on watch

Fitch Ratings said it has placed the long-term issuer default rating and related ratings of PHH Corp. on rating watch negative.

Affected ratings include PHH's long-term issuer default rating BBB+; senior unsecured debt BBB+; short-term issuer default rating F2; and commercial paper F2.

Fitch said that the action reflects uncertainties around PHH's ability to secure more permanent sources of funding for the company's vehicle management business.

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