Summary: Cendant Corp.

The ratings for Cendant Corp. reflect the consistent performance of the company's diversified business portfolio, which includes several well-known lodging brands, three leading real estate brokerage brands, its insurance business, its Avis car rental franchise, and its time-share businesses. The diversity of Cendant's operations, and its good position in each business, generates a stable source of cash flow. Cendant announced that it will acquire all of the outstanding common stock of Galileo International Inc. The Galileo acquisition follows several recent transactions, including the acquisition of Fairfield Communities Inc. (April 2001), and the acquisition of the remaining part of Avis Group Holdings Inc. that it did not already own (March 2001). It is expected that Cendant's previously announced spin-off of the

...The ratings for Cendant Corp. reflect the consistent performance of the company's diversified business portfolio, which includes several well-known lodging brands, three leading real estate brokerage brands, its insurance business, its Avis car rental franchise, and its time-share businesses. The diversity of Cendant's operations, and its good position in each business, generates a stable source of cash flow. Cendant announced that it will acquire all of the outstanding common stock of Galileo International Inc. The Galileo acquisition follows several recent transactions, including the acquisition of Fairfield Communities Inc. (April 2001), and the acquisition of the remaining part of Avis Group Holdings Inc. that it did not already own (March 2001). It is expected that Cendant's previously announced spin-off of the individual membership and loyalty businesses division will occur in the next couple of months. Cendant has accessed capital markets to fund these transactions. Year-to-date...

Summary