...On Oct. 24, 2005, Standard & Poor's Ratings Services affirmed its ratings on Cendant Corp., including its '###+' long-term and 'A-2' short-term corporate credit ratings, following the company's announcement that it will split itself into four separate publicly-traded companies. The proposed split-up would be effected through the spin-off to shareholders of three businesses from Cendant, its Real Estate Services, Travel Distribution Services, and Hospitality Services segments. The company's Vehicle Services segment will be the surviving Cendant entity. The outlook for Cendant remains stable. The ratings affirmation reflects Standard & Poor's assessment that the credit risk profile of Cendant's existing corporate-level lenders, including its bondholders and bank group, will not be negatively affected by the proposed transaction. It is expected that existing corporate-level debt will be fully repaid concurrent with the closing of the transactions, and that funding to accomplish this will be...
