Hyatt Hotels Corp.'s Senior Unsecured Notes Rated 'BBB-'; On CreditWatch Negative

NEW YORK (S&P Global Ratings) April 21, 2020--S&P Global Ratings today assigned its 'BBB-' issue-level rating (the same as our long-term issuer credit rating) to lodging company Hyatt Hotels Corp.'s proposed $400 million senior unsecured notes due 2025 and $400 million senior unsecured notes due 2030. The debt rating is on CreditWatch with negative implications. We placed our ratings on Hyatt on CreditWatch on April 2, 2020. Hyatt plans to use the proceeds from the proposed notes for general corporate purposes, including reducing outstanding balances under its revolving credit facility. All of our other ratings on Hyatt are unchanged. We believe that Hyatt will use the note proceeds to bolster its cash balances and liquidity position given the significant negative

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