NEW YORK (Standard&Poor's) Feb. 13, 2009--Standard&Poor's Ratings Services said today that its ratings on Marriott International Inc. (BBB/Negative/A-3) are not affected by the company's recently lowered 2009 guidance. Yesterday, Marriott lowered its 2009 internal planning assumptions for a decline of 12% to 17% in revenue per available room (RevPAR) at North American company-operating hotels, and a decline of 8% to 13% in RevPAR at company-operated hotels outside North America. This reflects a worsening pace of demand for lodging globally as business and leisure travel continues to decline. We believe this could lead to EBITDA at Marriott declining 20% to 25% in 2009 and leverage increasing to the high-3x area by the end of the year. This
