Our 'BBB' corporate credit rating on Marriott International Inc. is derived from: Our anchor score of 'bbb', based on our "strong" business risk and "significant" financial risk profile assessments for the company. Modifiers have no impact on the anchor score. Sizable, good-quality system of hotels targeting multiple price points. A focus on managing and franchising hotels rather than on ownership, which tends to result in lower cash flow volatility over time. A geographically diversified portfolio of quality brands. The cyclical nature of the lodging industry. The susceptibility of the travel and leisure industry to global political and financial events. We expect Marriott to sustain debt leverage metrics between 3x and 3.25x and funds from operations (FFO) to total debt between
