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Fitch rates Wyndham notes BBB-
Fitch Ratings said it assigned an initial BBB- issuer default rating to Wyndham Worldwide Corp.
Fitch also assigned a BBB- rating to Wyndham's proposed issuance of senior unsecured notes.
The outlook is stable.
Wyndham announced that it will be issuing five- and 10-year senior unsecured notes that rank pari passu with all existing notes and credit facility. The proceeds will be used to repurchase existing debt and for general corporate purposes.
On Feb. 6, the company announced an any and all tender offer of its 5.75% notes due 2018 and 7.375% notes due 2020. Fitch expects the new issuance will be leverage neutral to Wyndham.
The ratings reflect Wyndham's strong free cash flow profile, its focus on an asset-light/fee-driven business model, strong market position in all of its businesses and management's public commitment to maintaining investment-grade credit metrics, the agency said.
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