S&P raises Cendant

Standard & Poor's said it raised its ratings on Cendant Corp., including its corporate credit rating and senior unsecured debt rating both to BBB+ from BBB and the subordinated debt rating to BBB from BBB-. At the same time, the company's A-2 commercial paper rating was affirmed.

The outlook is stable.

S&P said the upgrade reflects the meaningful strengthening in the company's credit measures over the past several quarters as a result of continued solid operating results and lower debt balances. In addition, with positive industry fundamentals likely to continue over the intermediate term, the company is expected to maintain credit measures at these improved levels, which are consistent with the higher rating and S&P's previously outlined expectations.

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