...NEW YORK (Standard & Poor's) April 24, 2006--Standard & Poor's Ratings Services said today its ratings and outlook on Cendant Corp. (###+/Stable/A-2) are not affected by the company's announcement that in addition to pursuing its previously announced plan to spin off its Travel Distribution Services division (TDS), it will also consider a sale of this division. The pursuit of a potential sale stems from unsolicited interest to acquire TDS and no material tax liability in the event of a sale, as opposed to a sale of the other divisions that are in the process of being spun off. In addition, as was previously expected by Standard & Poor's, Cendant will refinance its existing corporate debt whether or not TDS is sold or spun off. Standard & Poor's does not believe that the potential sale of TDS will impact the position of existing lenders or alter the likelihood that the planned refinancing of Cendant's corporate level debt will occur. In addition, given current market conditions and overall...
