Shares of PHH (PHH -26.1%) plummet after S&P downgrades the long-term credit rating of the...

|About: PHH Corporation (PHH)|By:, SA News Editor

Shares of PHH (PHH -26.1%) plummet after S&P downgrades the long-term credit rating of the provider of mortgage and fleet management outsourcing services. PHH has $423M in senior unsecured notes due in March 2013, and S&P does not believe the company will be able to repay exclusively from free corporate cash flows.