PHH Corp. is in the market with a $450 million auto lease-backed securitization called Chesapeake Funding LLC, Series 2013-1 – its debut deal for 2013.

The deal has been assigned preliminary ratings by Moody's Investors Service. Moody;s has assigned ratings of ‘Aaa’, ‘Aa2’, ‘A2’, and ‘Baa2’ to the class A, class B, class C, and class D notes, respectively,   This deal has a slightly different capital structure than the previous transaction, Series 2012-2 which was issued last October. According to Moody’s, the overcollateralization for the current deal is higher (2.56% vs. 1.45%) while the  reserve account is smaller (1.22% vs. 2.38%).

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