New York, July 08, 2014 -- Moody's Investors Service (Moody's) stated today that at this time, the execution of the Guaranty Assignment Agreement(Assignment), dated as of July 7, 2014, between PHH Corporation (PHH) and Element Financial Corporation (Element) as well as a number of amendments to certain transaction documents related to Chesapeake Funding LLC (Issuer) resulting from Element's acquisition of PHH's fleet lease business will not, in and of itself, result in a reduction or withdrawal of the current credit ratings on the securities issued by the Issuer relating to the Series 2011-2, 2012-1, 2012-2, 2013-1, 2013-2, 2013-3 and 2014-1 Floating Rate Asset Backed Notes (the Notes).

Vollständigen Artikel bei Moodys lesen