TEXT-S&P rates Wyndham Worldwide commercial paper program 'A-3'

Tue Oct 2, 2012 1:05pm EDT

Oct 2 - Standard & Poor's Ratings Services said today that it assigned
Parsippany, N.J.-based timeshare and lodging company Wyndham Worldwide Corp.'s
 proposed maximum $500 million 4(a)(2) commercial paper program its 'A-3'
short-term rating. Wyndham intends to use the proceeds for general corporate
purposes. All other ratings on Wyndham, including the 'BBB-' corporate credit
rating, remain unchanged. The long-term rating outlook is stable.

Wyndham's $1 billion revolving credit facility due July 2016 backs up the 
company's proposed commercial paper program. The terms of the credit facility 
are aligned with our criteria and include the ability to make same-day 
drawings and diverse bank group participation.

The long-term 'BBB-' corporate credit rating reflects on Wyndham reflects our 
assessment of the company's business risk profile as "satisfactory" and our 
assessment of the company's financial risk profile as "intermediate," 
according to our criteria. Our business risk profile assessment is based on 
the company's significant and, in some cases, leading market positions in each 
of its business units, a good level of business diversity, and our positive 
view of management as a prudent business operator. Our view of the company's 
financial risk reflects our expectation that Wyndham will maintain captive 
finance adjusted total debt to EBITDA below 3.5x and captive finance adjusted 
funds from operations to total debt in the low-20% area or higher over the 
economic cycle.

RELATED CRITERIA AND RESEARCH
     -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012
     -- Short-Term/Long-Term Ratings Linkage Criteria For Corporate And 
Sovereign Issuers, May 15, 2012
     -- 2008 Corporate Criteria: Commercial Paper, April 15, 2008


RATINGS LIST

Wyndham Worldwide Corp.
 Corporate Credit Rating                  BBB+/Stable/A-3          

New Rating

Wyndham Worldwide Corp.
 Max $500M (4)(2) comm paper prog         A-3                
 


Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.
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