New York, July 01, 2014 -- Moody's Investors Service (Moody's) stated today that at this time, the execution of the Amended and Restated Series 2013-2 Indenture Supplement (Series 2013-2 Supplement) and the Amended and Restated Series 2013-3 Indenture Supplement (Series 2013-3 Supplement) dated as of June 30, 2014 related to Chesapeake Funding LLC (Issuer) 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 2013-2 and 2013-3 notes. The Series 2013-2 Supplement extends the scheduled expiry date of the commitment by one year to July 2015. Other amendments are largely related to the proposed sale of PHH Corporation (PHH)'s north American fleet lease business to Element Financial Corporation as announced by PHH on June 2. The amendments related to the sale of its fleet lease business will not become effective until the final closing of the sale which is expected to be in July 2014.

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