The company is expected to release an investor communication on Tuesday that will provide an update on its liquidity and credit availability.
Last Wednesday, S&P lowered PHH's long-term credit rating and senior unsecured debt by two notches to BB minus, citing concern that it may be unable to repay $423 million in debt maturing in 2013. It also added the outlook for PHH was negative.
The rating action came after the New Jersey-based company was forced to cancel a $250-million bond offering after it struggled to attract investor interest, despite its relatively high yield. PHH later issued a $100 million bond at 9.25%, its highest-ever cost to borrow in the bond market, according to a
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