...On Oct. 24, 2005, Cendant Corp. announced that it was proceeding with a plan to 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, with the company's Vehicle Services segment as the surviving Cendant entity. However, since that time, the company has pursued a sale of its Travel Distribution Services rather than a spin-off. The current ratings on Cendant reflect Standard & Poor's expectation that the company will refinance existing corporate level debt concurrent with the spin-offs, as evidenced by the company's recent announcement that it had launched tender offers for its existing note issues, and had received over 95% consents associated with these tender offers. Therefore, Standard & Poor's assessment is that the proposed transaction will not negatively affect the lenders' credit...
