PHH Corp and Automotive Rentals, Inc. (ARI)  are in the market with securitizations of fleet lease backed notes sized at $450 million and a $419mn respectively.

Moody's Investors Service will rate PHH's Chesapeake Funding LLC Series 2012-2 floating rate notes. The ratings agency has assigned  provisional ratings of 'Aaa' , 'Aa2', 'A2', and 'Baa2' to the class A, class B, class C, and class D, respectively.

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