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PHH CORP. $50 MILLION 3.45 PERCENT NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 PHH CORP. $50 MILLION 3.45 PERCENT NOTES RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 29 /PRNewswire/ -- PHH Corp.'s $50 million 3.45 percent medium-term notes due Nov. 26, 1993, are rated 'A+' by Fitch. The interest rate on the notes floats 255 basis points below the prime rate. The credit trend is stable.
 The rating reflects the company's favorable business position and ability to manage risk. PHH has experienced good and consistent profitability through various economic cycles while operating in highly cyclical business lines - vehicle fleet management and home relocation services. The company has faced some profit erosion relative to prior years due to sluggish business conditions and significant investments in infrastructure. Nevertheless, the deterioration is only moderate and the company is resuming its earnings growth as the economy continue to improve.
 -0- 10/29/92
 /CONTACT: Valerie Gerard, 212-908-0577, of Fitch/
 (PHH) CO: PHH Corp. ST: IN: SU: RTG


LR -- NY037 -- 6522 10/29/92 11:08 EST
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Publication:PR Newswire
Date:Oct 29, 1992
Words:164
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