...On May 13, 2005, Standard & Poor's Ratings Services raised its ratings on Cendant Corp., including its corporate credit rating, to '###+' from '###'. At the same time, the company's 'A-2' commercial paper rating was affirmed. The outlook is stable. Approximately $4.9 billion in corporate debt (excluding program related debt) was outstanding at March 31, 2005. The upgrade reflects the meaningful strengthening in the company's credit measures over the past several quarters as a result of continued solid operating results and lower debt balances. In addition, with positive industry fundamentals likely to continue over the intermediate term, the company is expected to maintain credit measures at these improved levels, which are consistent with the higher rating and Standard & Poor's previously outlined expectations. The ratings on Cendant reflect the company's solid position in residential real estate, auto rental, hospitality, and travel distribution. Ratings also reflect the ownership of...
