PHH Corp., which owns the nation's ninth largest residential servicer, said its ability to borrow money under existing lines of credit will not be impacted by a ratings downgrade on its debt taken by Standard & Poor's. S&P lowered its ratings on the company, including its counterparty credit rating, to BB+/B from BBB-/A-3 and maintained a negative outlook on the company. PHH Mortgage of Mount Laurel, N.J. services roughly $144 billion in residential mortgages. Its credit facility, struck back in early 2006, is for $1.3 billion. PHH Mortgage is the nation's largest private label funder and servicer.
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