trending Market Intelligence /marketintelligence/en/news-insights/trending/hgbvhvs8sslmwlizlseumq2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Moody's downgrades PHH

Municipal-Run Fiber Tops 280000 Subscribers In 2018

The Essential Conference 2019 Highlight Reel

Mobile Payment Apps Driving Fintech Frenzy In India

Street Talk Episode 42: Banks losing consumer deposits to fintech, digital platforms, commercial might be next


Moody's downgrades PHH

Moody's downgraded PHH Corp.'s corporate family rating and senior unsecuredrating to B1 from Ba3.

The outlook is stable.

The rating agency also downgraded PHH's senior unsecured MTNrating to (P)B1 from (P)Ba3.

Moody's said the actions are based on significant challengesto PHH's core private label servicing business, which the rating agencybelieves is not profitable as currently constituted. The company announced inMarch that it was exploring strategic options. PHH continues to lose clients, havingannounced that it would be losing nearly one-third of its subservicingportfolio, as HSBC Bank had agreed to sell the mortgage servicing rights with the buyer notplanning to retain PHH as a subservicer. In addition, PHH announced that it hadreceived notice fromBank of America that it was exercising its right to terminate its agreement forPHH to provide private label origination services on behalf of Merrill Lynch,effective as of March 31, 2017.

The outlook recognizes PHH's strong capital position andliquidity, as well as Moody's expectation that the company will maintainsufficient capital to fully repay its debt, the rating agency said.