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Research Update: Realogy 'BBB' Ratings Affirmed, Off Watch On Planned Share Repurchase And Lower 2006 Guidance Aug 06 Product Image

Research Update: Realogy 'BBB' Ratings Affirmed, Off Watch On Planned Share Repurchase And Lower 2006 Guidance Aug 06

  • ID: 2046638
  • August 2006
  • Standard & Poors

Abstract
On Aug. 23, 2006, Standard & Poor's Ratings Services affirmed its ratings on Realogy Corp., including its 'BBB' corporate credit rating. In addition, all ratings were removed from CreditWatch with positive implications where they were placed on June 30, 2006. The outlook is negative. Pro forma consolidated debt outstanding at June 30, 2006, including liabilities under management programs and adjusted for operating leases, approximates $3.2 billion. The ratings affirmation reflects the company's announcement that it would use most of the net proceeds received from today's sale of Travelport by Cendant Corp., which are estimated at about $1.4 billion, to repurchase 19% of its outstanding shares, or approximately 48 million shares at June 30, 2006, through one or more open market...

Companies mentioned in this report are:
- Realogy Group LLC

Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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