...NEW YORK (Standard & Poor's) Oct. 12, 2004--Standard & Poor's Ratings Services said today that there's no effect on its ratings and outlook on Cendant Corp. (###/Positive/--) following the announcement that the company intends to distribute the mortgage and fleet operations of its subsidiary, PHH Corp., to Cendant shareholders. As part of the planned spin-off, Cendant will make a $200 million capital contribution to PHH and will enter into a joint venture with the entity designed to preserve the cross-selling opportunities that exist between the mortgage business and Cendant's residential real estate, relocation and settlement services business. In addition, prior to the spin-off, the relocation and fuel card businesses will be distributed to Cendant. The spin-off is expected to be consummated in the first quarter of 2005. The spin-off reinforces Cendant's strategy to focus on its travel and residential real estate sectors, by divesting its non-core businesses and employing its capital...
