Wyndham Worldwide Receives Upgrade From Moody's to Investment-Grade Rating
PARSIPPANY, N.J., Oct. 28, 2011 // PRNewswire // -- Wyndham Worldwide Corporation (NYSE: WYN) today announced that Moody's Investors Service upgraded the company's senior unsecured ratings to Baa3 from Ba1. Moody's outlook on the Company's rating is stable.
"It is our objective to operate the business within an investment grade framework," said Tom Conforti, executive vice president and chief financial officer of Wyndham "We believe the upgrade by Moody's and the ongoing investment grade rating from S&P illustrates their confidence in our commitment to maintaining a strong balance sheet and generating consistently strong free cash flow."
In announcing Wyndham's rating upgrade to Baa3, Moody's cited Wyndham's leading market position in each of its three business segments, as well as the high margins and low capital intensity of the company's fee-for-service hotel franchise and vacation exchange and rental segments.
About Wyndham Worldwide Corporation
As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,360 franchised hotels and vacation ownership resorts with approximately 632,000 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 99,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 26,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company's website at www.wyndhamworldwide.com.
SOURCE Wyndham Worldwide Corporation