S&P: Cendant unaffected

Standard & Poor's said Cendant Corp.'s (BBB/positive/--) plan to sell 100% of its ownership interest in its Wright Express subsidiary through an initial public offering has no affect on Cendant's credit rating or positive outlook.

The company expects to receive more than $1 billion in proceeds from the disposition of Wright Express. These funds are anticipated to be reinvested in Cendant's core businesses and for general corporate purposes that could include share repurchases and increased dividends.

S&P said the IPO of Wright Express reinforces Cendant's strategy to focus on its travel and residential real estate sectors, by divesting its non-core businesses and employing its capital in such a way to strengthen its competitive position in these two segments.

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