S&P: Wyndham unchanged

Standard & Poor's said the BBB- rating on Wyndham Worldwide Corp. is not affected by news that the company's board increased its share repurchase authorization by $500 million, resulting in a total of $755 million remaining under the authorization.

This increase follows a $500 million increase in April, S&P said.

The agency said that year-to-date, Wyndham has repurchased $514 million of its common shares.

This is viewed as an aggressive potential use of capital compared with the acquisition of cash flow producing assets, particularly given that it is occurring so soon after the $500 million increase in April, the agency said.

But Wyndham currently has sufficient cushion in its credit measures relative to thresholds, S&P said.

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