CORRECTION: Cendant, PHH Subsidiary Off CreditWatch; Ratings Affirmed

(Editor's note: In a version of this media release published earlier today, the debt outstanding for both Cendant Corp. and PHH Corp. was misstated in the first paragraph. A corrected version follows.) NEW YORK (Standard&Poor's) Feb. 27, 2002--Standard&Poor's today affirmed its triple-B' corporate credit rating on Cendant Corp. and its single-'A'-minus counterparty credit rating on Cendant's PHH Corp. subsidiary and removed them from CreditWatch, where they were placed on Sept. 25, 2001. Debt outstanding as of Dec. 31, 2001, was about $7.4 billion for Parsippany, N.J.-based Cendant and about $9.3 billion for Hunt Valley, Md.-based PHH. The action on Cendant stems from a gradual recovery in a number of its travel-related businesses in the expectation that

...(Editor's note: In a version of this media release published earlier today, the debt outstanding for both Cendant Corp. and PHH Corp. was misstated in the first paragraph. A corrected version follows.) NEW YORK (Standard & Poor's) Feb. 27, 2002--Standard & Poor's today affirmed its triple-B' corporate credit rating on Cendant Corp. and its single-'A'-minus counterparty credit rating on Cendant's PHH Corp. subsidiary and removed them from CreditWatch, where they were placed on Sept. 25, 2001. Debt outstanding as of Dec. 31, 2001, was about $7.4 billion for Parsippany, N.J.-based Cendant and about $9.3 billion for Hunt Valley, Md.-based PHH. The action on Cendant stems from a gradual recovery in a number of its travel-related businesses in the expectation that this trend will continue through 2002. The action on PHH follows from the removal of its parent from CreditWatch. The ratings outlook on each company is negative. Standard & Poor's ratings analysis for Cendant Corp. excludes the businesses...

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