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PHH CORP. 3.11 PERCENT FLOATING RATE MED-TERM NOTE 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 12 /PRNewswire/ -- PHH Corp.'s (NYSE: PHH) $100 million 3.11 percent floating-rate, medium-term note due Aug. 8, 1994 is rated 'A+'. The ratings reflect the company's strong position in each of its three service businesses as well as its ability to manage risk effectively 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, nonstrategic businesses have been sold. The credit trend is stable.
 -0- 8/12/93
 /CONTACT: Valerie L. Gerard of Fitch, 212-908-0577/
 (PHH)


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

TM -- NY084 -- 2295 08/12/93 17:03 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
Words:120
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