Moody's: PHH view negative

Moody's Investors Service said it affirmed PHH Corp.'s senior unsecured debt rating and corporate family rating at Ba2 and its commercial paper rating at Not Prime.

The outlook was changed to negative from stable.

Moody's said the change in outlook reflects the company's recent difficulties in accessing the unsecured debt market, which is compounded by the company's relatively short unsecured corporate debt maturity profile.

As a result, to address their short-to-medium-term liquidity needs, the company may need to take actions that have negative consequences for the company's earnings and franchise value, the agency said.

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