Moody’s rates Wyndham notes Baa3

Moody's Investors Service said it assigned a Baa3 to Wyndham Worldwide Corp.’s $700 million senior unsecured notes and affirmed its existing Baa3 senior unsecured rating and Prime-3 commercial paper rating.

The outlook remains stable.

Proceeds will be used for general corporate purposes including to repay existing debt, including commercial paper outstandings and revolver borrowings.

Moody’s said the Baa3 senior unsecured rating reflects Wyndham’s diversified portfolio of travel offerings, which include timeshare, vacation exchange and rental, and hotel franchising. Wyndham has the leading market position in vacation ownership (timeshare) and vacation exchange and rental. It also has a sizable hotel system of well-known lodging brand names, the agency added.

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