...August 26, 2020 NEW YORK (S&P Global Ratings) Aug. 26, 2020--S&P Global Ratings assigned its '###-' issue-level rating to Hyatt Hotels Corp.'s proposed $750 million senior unsecured floating-rate notes due 2022. This rating, the '###-' issuer credit rating on the company, and senior unsecured debt rating are on CreditWatch, where we placed them with negative implications on April 2, 2020. Hyatt plans to use the proceeds for general corporate purposes. We do not believe the issuance will materially increase Hyatt's leverage because it is intended primarily to bolster liquidity and will modestly increase the company's debt service costs while it remains outstanding. We view positively the ability to prepay this debt at any time, and at par plus accrued interest after one year, particularly if an economic and hotel industry recovery materializes in 2021 and Hyatt seeks to permanently reduce debt in response. Our ratings remain on CreditWatch given the heightened risk that rising COVID-19 cases...
