Moody’s revises PHH to negative

Moody's Investors Service said it affirmed PHH Corp.’s Ba3 corporate family and senior unsecured debt ratings and non-prime commercial paper rating and changed the outlook to negative from stable.

Moody’s said the outlook change reflects the company's weak profitability as well as the likely negative credit implications of PHH's March 9 announcement that it is reviewing its strategic options.

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