Cendant Corp., the largest travel and real estate services company in the U.S., announced last week that it had spun off subsidiary PHH Corp., an entity that housed the mortgage and fleet leasing operations of the parent company.

Following the distribution of PHH shares to its stockholders (one PHH share for every 20 Cendant shares held), Standard & Poor's cut PPH's long-term counterparty rating one notch to triple-B and Moody's Investors Service lowered PHH's senior unsecured debt ratings to Baa3' from Baa1' and its commercial paper rating to P-3' from P-2'.

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