S&P: Wyndham Worldwide unchanged

Standard & Poor's said that Wyndham Worldwide Corp.'s announcement today that its board has authorized a common stock repurchase program of up to $400 million would have no impact on the rating or outlook for the company.

S&P added that the stock repurchase authorization is subject to the receipt by Wyndham of proceeds from Cendant Corp. upon closing the sale of Cendant's Travelport business.

According to the agency, Wyndham is expected to use the Travelport proceeds to reduce debt and use its cash on hand and existing bank facilities to repurchase shares.

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