LONDON (Standard&Poor's) March 11, 2004--Standard&Poor's Ratings Services said today that the £250 million share buyback program announced by InterContinental Hotels Group PLC (IHG; BBB/Stable/A-2) would not trigger a rating action on the group. The rating opinion reflects IHG's significant debt reduction during 2003 combined with the group's continued operating performance in line with expectations. The proposed £250 million share buyback program follows £250 million of proceeds from hotel property disposals received in 2003. This reduction in IHG's property portfolio is not expected to have a meaningful effect on its sustainable operating cash flow base and should be offset by growth in the scope of IHG's management contract business, as well as efficiency gains across the estate,
