SAN FRANCISCO (S&P Global Ratings) Nov. 17, 2025--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 $400 million senior unsecured notes. The company intends to use the proceeds from this offering to repay all of its $400 million 4.85% notes due March 15, 2026. We continue to expect Hyatt's S&P Global Ratings-adjusted debt to EBITDA will be about 3.5x by year-end 2025 and could improve to 3.0x or below in 2026 following the close of its sale of its Playa Hotels&Resorts? real estate, which we expect will occur later this year. Hyatt is required to use the approximately $1.7 billion in net proceeds
