Wyndham Worldwide's Debt Maturities: Higher Risk Than Credit Markets Are Acknowledging
Valens Credit • Wed, Oct. 1
- Credit and cash bond markets are understating WYN’s credit risk.
- WYN has a low recovery rate, weak working capital utilization, and limited PP&E asset backing.
- WYN’s CDS of 93bps should widen to Valens’ Intrinsic CDS (iCDS) of 214bps.