S&P rates Wyndham Worldwide notes BBB-

Standard & Poor's said it assigned Wyndham Worldwide Corp.'s proposed $250 million senior unsecured notes due 2020 its issue-level rating of BBB-. Its corporate credit rating remains unchanged at BBB-.

The outlook is stable.

The company plans to use proceeds to repay debt, S&P said.

The ratings reflect Wyndham's significant and leading market positions in each of its business units, as well as stable revenue and cash flow characteristics over the cycle for the lodging, timeshare exchange and vacation rentals businesses, the agency said.

Another key rating factor is an expectation that the company will maintain adjusted leverage at about 3.5x or less over the economic cycle, S&P said.

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