Summary: Cendant Corp.

On Sept. 25, 2001, Standard&Poor's placed its ratings for Cendant Corp. and PHH Corp. on CreditWatch with negative implications. The CreditWatch listing reflects Standard&Poor's concern that Cendant will experience an increasingly challenging operating environment in a number of its businesses in the near term. In particular, Cendant's hospitality businesses are likely to experience a substantial short-term decline in both business and leisure travel stemming from the Sept. 11, 2001, terrorist attacks in the United States. In resolving the CreditWatch listing, Standard&Poor's will assess the effects of the events of Sept. 11 on Cendant's operations. While all businesses will be reviewed, particular attention will be paid to Cendant's Avis car rental operations and the lodging

...On Sept. 25, 2001, Standard & Poor's placed its ratings for Cendant Corp. and PHH Corp. on CreditWatch with negative implications. The CreditWatch listing reflects Standard & Poor's concern that Cendant will experience an increasingly challenging operating environment in a number of its businesses in the near term. In particular, Cendant's hospitality businesses are likely to experience a substantial short-term decline in both business and leisure travel stemming from the Sept. 11, 2001, terrorist attacks in the United States. In resolving the CreditWatch listing, Standard & Poor's will assess the effects of the events of Sept. 11 on Cendant's operations. While all businesses will be reviewed, particular attention will be paid to Cendant's Avis car rental operations and the lodging franchise and timeshare businesses. In addition, the potential impact on PHH's mobility and fleet leasing businesses will be evaluated....

Summary