PHH Corporation issued a $350 Million privately placed fleet lease-backed securitization.

Moody's Investors Service rated the Class A, B and C of Chesapeake Funding LLC Series 2011-2 floating rate asset backed notes respectively 'Aaa' (sf), 'Aa2'(sf) and 'A2'(sf).

The notes are backed by open-end leases and the related vehicles as well as a special unit of beneficial interest in a pool of fleet receivables. The leases were originated by PHH Vehicle Management Services LLC and PHH Arval, an indirect wholly owned subsidiary of PHH. PHH Arval is one of the largest companies in the fleet leasing/management industry.

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