Marriott International Inc. Senior Unsecured Notes Rated 'BBB-'; Rtgs Remain On CreditWatch Negative

NEW YORK (S&P Global Ratings) Aug. 12, 2020--S&P Global Ratings assigned its 'BBB-' issue-level rating to Marriott International Inc.'s proposed senior unsecured notes. This rating, the 'BBB-' issuer credit rating on the company, and senior unsecured debt rating are on CreditWatch, where we placed them with negative implications on April 2, 2020. Marriott plans to use the proceeds for general corporate purposes, including repayment of outstanding debt. We do not believe the issuance will materially increase Marriott's leverage because it is intended primarily as a refinancing transaction. Our ratings remain on CreditWatch given the heightened risk that rising COVID-19 cases in much of the U.S. would slow the recovery path in U.S. lodging demand. Like every other lodging company and

...August 12, 2020 NEW YORK (S&P Global Ratings) Aug. 12, 2020--S&P Global Ratings assigned its '###-' issue-level rating to Marriott International Inc.'s proposed senior unsecured notes. This rating, the '###-' issuer credit rating on the company, and senior unsecured debt rating are on CreditWatch, where we placed them with negative implications on April 2, 2020. Marriott plans to use the proceeds for general corporate purposes, including repayment of outstanding debt. We do not believe the issuance will materially increase Marriott's leverage because it is intended primarily as a refinancing transaction. Our ratings remain on CreditWatch given the heightened risk that rising COVID-19 cases in much of the U.S. would slow the recovery path in U.S. lodging demand. Like every other lodging company and many leisure sector companies, Marriott's second-quarter earnings report and call illustrated the significant expected impact of the pandemic on operating performance. Marriott also updated the...

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