Moody's rates Cendant CP P-2

Moody's Investors Service said it assigned the $1.0 billion commercial paper program of Cendant Corp. a rating of P-2. All existing ratings are affirmed.

Moody's affirmed Cendant's Baa1 senior unsecured notes, prospective Baa1, prospective Baa2 and prospective Baa3 senior unsecured, subordinated and preferred shelfs.

Moody's said it expects that internally generated cash flow, cash on hand, plus committed financing facilities will be more than sufficient to cover the company's interim financing needs arising from the $1.1 billion acquisition of Gulliver Travel Associates early in the second quarter of 2005.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.