Chesapeake ABS seen withstanding PHH spin-off

H. B. O.
February 2005
Private Placement Letter;2/7/2005, Vol. 23 Issue 5, p7
The article reports that Cendant Corp., the largest travel and real estate services company in the U.S., has announced last week that it had spun off subsidiary, PHH Corp., an entity that housed the mortgage and fleet leasing operations of the parent company. Following the distribution of PHH shares to its stockholders, Standard & Poor's Corp. cut PPH's long-term counterparty rating one notch to triple-B and Moody's Investors Service lowered PHH's senior unsecured debt ratings to 'Baa3' from 'Baal' and its commercial paper rating to 'P-3' from 'P-2'.


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