Summary: Cendant Corp.

The ratings on Cendant Corp. reflect the company's solid position in residential real estate, auto rental, hospitality, and travel distribution. Ratings also reflect the ownership of many well-regarded brands and Cendant's historical ability to generate significant discretionary cash flow. These factors are tempered by the company's exposure to the travel, leisure and residential real estate industries, which may be affected by cyclical economic trends or geopolitical events, and a historically aggressive growth strategy. Cendant is a diversified company that operates in two main, vertically integrated businesses--travel and real estate. During the six months ended June 30, 2005, Cendant reported organic revenue and EBITDA (excluding restructuring charges) growth of 8% and 4%, respectively, compared with the prior-year period. This growth was

...The ratings on Cendant Corp. reflect the company's solid position in residential real estate, auto rental, hospitality, and travel distribution. Ratings also reflect the ownership of many well-regarded brands and Cendant's historical ability to generate significant discretionary cash flow. These factors are tempered by the company's exposure to the travel, leisure and residential real estate industries, which may be affected by cyclical economic trends or geopolitical events, and a historically aggressive growth strategy. Cendant is a diversified company that operates in two main, vertically integrated businesses--travel and real estate. During the six months ended June 30, 2005, Cendant reported organic revenue and EBITDA (excluding restructuring charges) growth of 8% and 4%, respectively, compared with the prior-year period. This growth was mainly due to the continued healthy operating environment for its travel-related businesses and good fundamentals in the residential real estate industry....

Summary