...NEW YORK (Standard & Poor's CreditWire) Nov. 2, 2000--Standard & Poor's today affirmed its ratings for Cendant Corp. and its wholly owned subsidiary, PHH Corp. (See list below). The ratings affirmation follows Cendant's announcement that it has agreed to acquire all of the common stock outstanding of Fairfield Communities Inc. for about $635 million, at least half of which will be cash. The outlook remains negative. In addition to the Fairfield acquisition, Cendant recently announced a number of transactions including the sale of its Internet real estate portal Move.com, the spin-off of its individual membership and loyalty businesses, and its bid for Avis Group Holdings Inc. Standard & Poor's views these transactions as part of Cendant's effort to emphasize and grow its core businesses, which include those in its travel division. The high revenue growth rate within the time-share industry and Cendant's existing participation in the sector through its RCI subsidiary are offsets to the higher...
