Standard & Poor's Ratings Services has revised its outlook for Cendant Corp. to positive from negative.At the same time, S&P raised its outlook for Cendant subsidiary PHH Corp. to stable from negative. The change reflects "good operating momentum amid relatively healthy economic conditions, the reduction of about $800 million in corporate debt in 2003, and the expectation that approximately $2 billion in additional corporate debt will be eliminated by the end of 2004," the rating agency said. S&P affirmed the BBB corporate rating on Cendant and the BBB-plus counterparty rating on PHH. At the end of last year, Cendant Mortgage was the 10th-largest residential servicer in the U.S., owning servicing rights on $139 billion of home loans. S&P can be found online at http://www.standardandpoors.com.

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