Bulletin: BULLETIN: Cendant Corp.'s Completion of Subsidiary Spin-Off Does Not Affect Ratings

NEW YORK (Standard&Poor's) Feb. 1, 2005--Standard&Poor's Ratings Services said today the credit rating and outlook on Cendant Corp. (BBB/Positive/--) are not affected by the company's announcement that it had completed its previously announced tax-free spin-off of its mortgage and fleet operation subsidiary, PHH Corp., to its shareholders. As part of the spin-off, Cendant entered into a joint venture with PHH designed to preserve the cross-selling opportunities that exist between the mortgage business and Cendant's residential real estate and relocation business. The spin-off, in addition to the previously announced acquisitions of Orbitz, ebookers, Gullivers Travel Associates, and the expected sale of its marketing services unit and IPO of Wright Express, reinforces Cendant's strategy of divesting its non-core

...NEW YORK (Standard & Poor's) Feb. 1, 2005--Standard & Poor's Ratings Services said today the credit rating and outlook on Cendant Corp. (###/Positive/--) are not affected by the company's announcement that it had completed its previously announced tax-free spin-off of its mortgage and fleet operation subsidiary, PHH Corp., to its shareholders. As part of the spin-off, Cendant entered into a joint venture with PHH designed to preserve the cross-selling opportunities that exist between the mortgage business and Cendant's residential real estate and relocation business. The spin-off, in addition to the previously announced acquisitions of Orbitz, ebookers, Gullivers Travel Associates, and the expected sale of its marketing services unit and IPO of Wright Express, reinforces Cendant's strategy of divesting its non-core businesses in an effort to strengthen its competitive position in the travel and residential real estate sectors. While Cendant has exhibited a historically aggressive acquisition...

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