Hyatt Hotels Corp.'s Proposed Senior Unsecured Notes Assigned 'BBB-' Rating

SAN FRANCISCO (S&P Global Ratings) June 26, 2023--S&P Global Ratings today assigned its 'BBB-' issue-level rating (the same as our long-term issuer credit rating) to Hyatt Hotels Corp.'s proposed $500 million senior unsecured notes due Jan. 2027. Hyatt intends to use the proceeds from the offering, together with cash on hand, to repay all of its $700 million 1.300% notes due Oct. 1, 2023; $643 million remained outstanding as of March 31, 2023. We continue to expect S&P Global Ratings'-adjusted debt to EBITDA of 2.0x-2.5x in 2023, depending on potential opportunistic spending items we do not not currently assume in our base case. This leverage range is in line with the 2.4x measure Hyatt achieved in 2022. This would be

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