Moody's downgrades Wyndham Destinations' CFR to Ba3, outlook is negative
Rating Action: Moody's downgrades Wyndham Destinations' CFR to Ba3, outlook is negative. Global Credit Research- 06 May 2020. New York, May 06, 2020-- Moody's Investors Service, downgraded the ratings of Wyndham Destinations including its Corporate Family Rating to Ba3 from Ba2, its Probability of Default Rating to Ba3-PD from Ba2-PD and senior secured bank facility and note ratings to Ba3 from Ba2.Wyndham Destinations is a vacation ownership and exchange company. The company provides everyday travelers the opportunity to own, exchange or rent their vacation experience. The company's operations are grouped into two segments: Vacation Ownership, which is a timeshare business with resorts and owners that develops and markets vacation ownership interests (VOIs) to individual consumers, provide consumer financing in connection with the sale of VOIs, and provides property management services at resorts; and Vacation Exchange, which operates the vacation exchange network with members, and has relationships with vacation ownership resorts located in various countries and territories.
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