Flexible spending model allows Marriott to reduce spending during lodging down cycles; Owns many well-recognized brands; Large and diverse lodging system; Primarily uses hotel management and franchise business models; and Experienced management team. Significant financial risk from cyclical downturns; Demand for lodging hurt by global political and financial events; and Off-balance-sheet obligations. Standard&Poor's Ratings Services' corporate credit rating on Bethesda, Md.-based Marriott International Inc. reflects our assessment of the company's business risk profile as "strong" and our assessment of the company's financial risk profile as "significant," according to our criteria. Our assessment of Marriott's business profile as strong is based on its sizable, good-quality system of hotels targeting multiple price points, its experienced management team, its focus on
