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PHH CORPORATION FLOATING RATE MEDIUM-TERM NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 5 /PRNewswire/ -- PHH Corp.'s $50 million floating rate medium-term notes due Jan. 5, 1995 are rated 'A+' by Fitch. The notes bear interest initially at 3.25%. The rating reflects the company's strong position in each of its three service businesses as well as its ability to effectively manage risk as demonstrated by exceptionally strong asset quality. While earnings growth has been limited by the prolonged global recession, PHH's balance sheet has strengthened as leverage has returned to more conservative levels and several marginal, non-strategic businesses have been sold. The credit trend is stable.
 -0- 1/5/94
 /CONTACT: Valerie L. Gerard of Fitch, 212-908-0577/
 (PHH)


CO: PHH Corporation ST: Maryland IN: SU: RTG

SP -- NY068 -- 9459 01/05/94 16:09 EST
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Publication:PR Newswire
Date:Jan 5, 1994
Words:127
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