Fitch Ratings has placed the ‘BB’ Long-Term Issuer Default Ratings (IDR) of PHH Corporation (PHH) on Rating Watch Evolving following the company’s announcement that it is exploring ways to maximize shareholder value through the separation or sale of its fleet business, mortgage business, or both.
The company has retained advisors to assist in this process. PHH indicated that they expect to reach conclusions on this announcement prior to the end of the second quarter of 2014.
