While affirming certain debt ratings for Cendant Corp. and its PHH Corp. subsidiary, Fitch Ratings says the outlook for the ratings of both firms is "negative."Fitch said the weak outlook for the travel sector weighed heavily on the negative outlook for Cendant, and that the action against Cendant affects the rating of mortgage subsidiary PHH. Fitch also said that the "cyclicality of the mortgage business" and the potential impact of current interest rates on the firm's mortgage servicing rights are factors in the negative outlook.
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