Bulletin: BULLETIN: Cendant Corp.'s Amended Spin-Off Strategy Will Not Affect Ratings

NEW YORK (Standard&Poor's) Dec. 13, 2005--Standard&Poor's said today that its ratings and outlook on Cendant Corp. (BBB+/Stable/A-2) are not affected by the company's announcement that modifications have been made to its previously announced plan to separate into four publicly traded companies. These modifications include incorporating its Vacation Network Group, comprised of RCI and the Vacation Rental Group, into the stand-alone Hospitality company rather than the TDS company; planned management changes of certain of the spun-off companies; and an anticipated staggered schedule for completing the spin-offs. In addition, as was previously expected by Standard&Poor's, Cendant will refinance its existing corporate debt upon the completion of the spin-offs of Real Estate Services and Hospitality. This will

...NEW YORK (Standard & Poor's) Dec. 13, 2005--Standard & Poor's said today that its ratings and outlook on Cendant Corp. (###+/Stable/A-2) are not affected by the company's announcement that modifications have been made to its previously announced plan to separate into four publicly traded companies. These modifications include incorporating its Vacation Network Group, comprised of RCI and the Vacation Rental Group, into the stand-alone Hospitality company rather than the TDS company; planned management changes of certain of the spun-off companies; and an anticipated staggered schedule for completing the spin-offs. In addition, as was previously expected by Standard & Poor's, Cendant will refinance its existing corporate debt upon the completion of the spin-offs of Real Estate Services and Hospitality. This will be accomplished through raising new debt at the Hospitality company, in addition to Real Estate Services and TDS. Standard & Poor's does not believe that the modifications announced...

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