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S&P cuts PHH to B+
Standard & Poor's said it lowered its counterparty and senior unsecured ratings on PHH Corp. to B+ from BB-.
The ratings were removed from CreditWatch with negative implications they were placed on June 3.
The outlook is stable.
"The downgrade of Mount Laurel, N.J.-based residential mortgage servicer and originator PHH Corp. follows the firm's July 7 sale of its fleet management services business, PHH Arval, to Element Financial Corp. (Element) for $1.4 billion in a cash-for-stock transaction," S&P credit analyst Jeffrey Zaun said in a news release.
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