Cendant Rtgs Remain on S&PWatch Neg After Co. Anncmnt

NY -- Standard&Poor's CreditWire 4/17/98 -- The ratings of Cendant Corp. and its wholly owned subsidiary, PHH Corp., remain on CreditWatch with negative implications, where they were placed March 24, 1998 following Cendant's $1.3 billion offer to acquire U.K.-based National Parking Corp. Ltd. Cendant was formed by the merger of HFS Corp. and CUC International Inc. in December 1997. The CreditWatch listing reflected Standard&Poor's concerns regarding the continuation of the company's very aggressive acquisition pace. Subsequently, Cendant announced "accounting irregularities" at certain CUC operations that will result in a restatement of 1997 earnings by $100 million-$115 million less than previously reported. Standard&Poor's will monitor the impact of the accounting irregularities and evaluate the effect

...NY -- Standard & Poor's CreditWire 4/17/98 -- The ratings of Cendant Corp. and its wholly owned subsidiary, PHH Corp., remain on CreditWatch with negative implications, where they were placed March 24, 1998 following Cendant's $1.3 billion offer to acquire U.K.-based National Parking Corp. Ltd. Cendant was formed by the merger of HFS Corp. and CUC International Inc. in December 1997. The CreditWatch listing reflected Standard & Poor's concerns regarding the continuation of the company's very aggressive acquisition pace. Subsequently, Cendant announced "accounting irregularities" at certain CUC operations that will result in a restatement of 1997 earnings by $100 million-$115 million less than previously reported. Standard & Poor's will monitor the impact of the accounting irregularities and evaluate the effect of the sharp drop in its stock price on the company's previously moderate capital structure and on its growth strategy, as well as on pending acquisitions that utilize equity. --...

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