(Editor's note: In the full analysis published on Dec. 22, 2004, the numbers in the Financial Summary table were misstated. A corrected version follows.) Owns many well known brands; Leader in residential real estate; Solid position in the car rental industry; Good position in hospitality; Generates substantial discretionary cash flow; and Management has prioritized strengthening the balance sheet for the past few years. Historically aggressive growth strategy; and Several businesses are sensitive to economic cycles. The ratings on Cendant Corp. reflect the company's solid position in residential real estate and auto rental, and its relatively good position in hospitality and travel distribution. Ratings also reflect the ownership of many well-regarded brands and Cendant's historical ability to generate significant discretionary cash
