S&P: PHH view now stable

S&P said it revised its outlook on PHH Corp. to stable from negative and affirmed its B- issuer credit and B unsecured debt ratings.

“Our stable outlook is based on the company's strong liquidity position, including $700 million of cash and equivalents excluding cash held at VIEs as of August 2017, and a potential for approximately $390 million from further sales of mortgage servicing rights (MSRs) and the monetization of their investment in PHH Home Loans Joint Venture,” S&P said in a news release.

“Though the company plans to return excess cash to shareholders and has earmarked cash to pay down the remaining $119 million of unsecured debt, the company will continue to assess the appropriateness of any unsecured debt as part of its future capital structure.”

© 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.