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Bulletin: PHH Corp. Ratings Unaffected By Announcement Of New CEO Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 4, 2012--Standard & Poor's Ratings Services today said its ratings on PHH Corp. (BB-/Negative/B) are not affected by the company's announcement that it has named Glenn Messina (formerly chief operating officer) as president and CEO. Messina replaces Jerome Selitto, who resigned from the company. Our ratings on PHH reflect our expectation that the company will build sufficient liquidity to repay $423 million of senior unsecured debt maturing in March 2013 as well as put in place adequate sources of liquidity. We expect this could include the extension of its corporate revolver beyond one year. We continue to believe that PHH has adequate liquidity to repay its $249 million in convertible notes due in April...
Companies mentioned in this report are: PHH Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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