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S&P downgrades PHH
Standard & Poor's said it lowered the long-term issuer credit rating on PHH Corp. to BB- from BB+, along with the company's senior unsecured debt to BB- from BB+.
The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications on Dec. 19.
The outlook is negative.
PHH's historically high unsecured funding costs have reduced its financial flexibility to repay upcoming debt maturities, including $423 million of unsecured debt maturing in March 2013, S&P said.
The agency said it expects that PHH will execute a clear strategy in the coming months to repay senior unsecured debt maturities due in 2013 and put in place adequate sources of liquidity for the future.
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