PHH Corp. is planning its first fleet lease securitization of the year, a $500 million transaction.

Moody's Investors Service has assigned provisional ratings of ‘Aaa’ to the class A, ‘Aa2’   to the class B, ‘A2’ to the class C, and ‘ Baa2’ to the class D Series 2014-1 floating rate notes to be issued under PHH Corp.'s Chesapeake Funding structure.

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