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

SAN FRANCISCO (S&P Global Ratings) June 3, 2024--S&P Global Ratings today assigned its 'BBB-' issue-level rating (the same level as our long-term issuer credit rating) to Hyatt Hotels Corp.'s proposed $375 million senior unsecured notes due 2029 and $375 million senior unsecured notes due 2034. The company intends to use the proceeds from this offering, together with cash on hand, to repay all of its $750 million 1.8% notes due Oct. 1, 2024 ($746 million outstanding as of March 31, 2024). We continue to expect Hyatt's S&P Global Ratings-adjusted debt to EBITDA will be in the 2.0x-2.5x range in 2024. Leverage could be higher if Hyatt capitalizes on opportunistic acquisitions or increases spending on share repurchases above the amount assumed

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