Summary: Cendant Corp.

On Feb. 27, 2002, Standard&Poor's affirmed its triple-'B' corporate credit rating on Cendant Corp. and removed it from CreditWatch where it was placed on Sept. 25, 2001. All affiliated ratings were affirmed. The ratings for Parsippany, N.J.-based Cendant Corp. reflect the diversity of the travel-services company's businesses and strong historical cash flow, offset by somewhat high debt leverage for the rating and an aggressive growth strategy. About half of Cendant's cash flow (excluding businesses of its PHH Corp. subsidiary) is expected to stem from travel-related businesses in 2002. Cendant's global distribution service, Galileo, is expected to be the largest contributor at more than 20% of EBITDA. Other key segments include Cendant's timeshare exchange business Resorts Condominiums International (RCI),

...On Feb. 27, 2002, Standard & Poor's affirmed its triple-'B' corporate credit rating on Cendant Corp. and removed it from CreditWatch where it was placed on Sept. 25, 2001. All affiliated ratings were affirmed. The ratings for Parsippany, N.J.-based Cendant Corp. reflect the diversity of the travel-services company's businesses and strong historical cash flow, offset by somewhat high debt leverage for the rating and an aggressive growth strategy. About half of Cendant's cash flow (excluding businesses of its PHH Corp. subsidiary) is expected to stem from travel-related businesses in 2002. Cendant's global distribution service, Galileo, is expected to be the largest contributor at more than 20% of EBITDA. Other key segments include Cendant's timeshare exchange business Resorts Condominiums International (RCI), several well-known lodging brands, Fairfield Resorts (timeshare), and Avis' car rental operations. Meaningful businesses outside of travel include Cendant's real estate franchising...

Summary