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
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