Moody’s rates Wyndham facility Ba2

Moody's Investors Service said it assigned a Ba2 rating to Wyndham Worldwide Corp.'s proposed bank facility, which includes a $1 billion senior secured revolving credit facility and $300 million senior secured term loan.

The agency said there was no change to the company's Baa3 unsecured rating, which is under review for downgrade.

Moody’s said the assignment of a Ba2 rating assumes that the spinoff of the company's hotel franchise and management business, Wyndham Hotels & Resorts, closes as expected and the ratings of the remaining business, Wyndham Destinations, will be downgraded two notches to Ba2.

The ratings will remain under review until the spin off closes, which is expected to happen by the end of May, the agency said.

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