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Fitch issues first-time issuer default rating to Wyndham Destinations

Fitch issued a first-time BB-(EXP) issuer default rating to Wyndham Destinations Inc., subject to hotelier Wyndham Worldwide Corp.'s spinoff of its Wyndham Hotels & Resorts Inc. unit and rebranding to Wyndham Destinations.

The outlook is stable.

The rating was attributed to Wyndham Destinations' "strong" competitive position as the "largest" timeshare industry operator, based on owner families, and the diversification benefits of its less capital intensive exchange and rentals business.

The rating agency expects Wyndham Destinations to operate with core adjusted leverage in the low- to mid-4.0x range and the company's cash flow volatility to projected to rise through the cycle due to the restructuring.