Moody's may cut Cendant

Moody's Investors Service said it placed Cendant Corp.'s ratings on review for possible downgrade.

On review are Cendant's prospective Baa1 senior unsecured shelf rating, prospective Baa2 subordinated debt rating, prospective Baa3 preferred shelf and prime-2 short-term rating.

Moody's said the decision was prompted by the likelihood that liquidity will notably weaken if the planned initial public offering of Wright Express is delayed, not consummated, or if proceeds are less than the expected $1.0 billion amount, the pace and magnitude of the company's acquisition activity over the past several months and the significant increase in integration risk.

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