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S&P rates Wyndham notes BBB-
Standard & Poor's said it assigned a BBB- rating to Wyndham Worldwide Corp.'s proposed $200 million senior unsecured convertible notes due 2012 and a BBB- rating to its proposed senior notes due 2014.
The outlook is negative.
Proceeds will be used to repay outstanding revolver balances.
"The rating on Wyndham reflects the company's leading market positions in each of its business units and the relatively stable cash flow characteristics of the lodging and the company's Group RCI vacation exchange and rentals businesses," S&P analyst Emile Courtney said in a statement.
The BBB- rating relies on the relative stability of the lodging and RCI businesses, although these businesses are currently experiencing a very difficult leisure economic cycle, the agency said.
Risk factors over the intermediate term are significantly reduced timeshare sales, operating expenditures, development spending and financing requirements, the agency noted.
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