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PHH CORPORATION $1 BILLION MEDIUM TERM NOTE SHELF REGISTRATION RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 5 /PRNewswire/ -- PHH Corporation's $1 billion medium-term note shelf registration is rated 'A+.' 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 have been dampened by the prolonged 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- 4/5/93
 /CONTACT: Valerie L. Gerard, 212-908-0577, of Fitch/
 (PHH)


CO: PHH Corporation ST: IN: SU: RTG

LR -- NY053 -- 3143 04/05/93 15:25 EDT
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Publication:PR Newswire
Date:Apr 5, 1993
Words:109
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