Bulletin: BULLETIN: Cendant Corp.'s Sale of Wright Express Does Not Affect Ratings

NEW YORK (Standard&Poor's) Nov. 23, 2004--Standard&Poor's Ratings Services said today that Cendant Corp.'s (BBB/Positive/--) plan to sell 100% of its ownership interest in its Wright Express subsidiary through an IPO has no effect on Cendant's credit rating or positive outlook. The company expects to receive more than $1 billion in proceeds from the disposition of Wright Express. These funds are anticipated to be reinvested in Cendant's core businesses and for general corporate purposes that could include share repurchases and increased dividends. The IPO is expected to take place in March 2005. The IPO of Wright Express reinforces Cendant's strategy to focus on its travel and residential real estate sectors, by divesting its non-core businesses and employing

...NEW YORK (Standard & Poor's) Nov. 23, 2004--Standard & Poor's Ratings Services said today that Cendant Corp.'s (###/Positive/--) plan to sell 100% of its ownership interest in its Wright Express subsidiary through an IPO has no effect on Cendant's credit rating or positive outlook. The company expects to receive more than $1 billion in proceeds from the disposition of Wright Express. These funds are anticipated to be reinvested in Cendant's core businesses and for general corporate purposes that could include share repurchases and increased dividends. The IPO is expected to take place in March 2005. The IPO of Wright Express reinforces Cendant's strategy to focus on its travel and residential real estate sectors, by divesting its non-core businesses and employing its capital in such a way to strengthen its competitive position in these two segments. This strategy has been accomplished with the IPO of Jackson Hewitt; the acquisition of Orbitz, a leading online travel company; the pending...

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