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Article: DCR Assigns Preliminary Ratings for Cendant Corporation, Reaffirms Ratings on HFS Incorporated Debt
- Article from:
- PR Newswire
- Article date:
- December 10, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Dec. 10 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) reaffirmed its 'A' (Single-A) rating for HFS Incorporated's (HFS) senior unsecured notes and convertible senior notes following the announcements of definitive agreements to acquire Providian Auto and Home Insurance Company (Providian) for about $219 million in cash, Harpur Group Ltd. (Harpur) for approximately $186 million in cash and up to $20 million in future contingent payments over the next two years and Jackson Hewitt Inc. for approximately $480 million in cash. These transactions will be financed with bank borrowings initially and are expected to close in early 1998.
DCR also ...
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