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PHH CORP. $80 MILLION FLOATING-RATE MEDIUM-TERM NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 1 /PRNewswire/ -- PHH Corp.'s $80 million floating- rate medium-term notes due Sept. 24, 1994, are rated "A+" by Fitch. The rate on the notes, initially 3.4 percent, is equal to the prime rate less 260 basis points.
 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- 10/1/93
 /CONTACT: Valerie L. Gerard of Fitch, 212-908-0577/
 (PHH)


CO: PHH Corp. ST: Maryland IN: SU: RTG

TW -- NY071 -- 7862 10/01/93 14:36 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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