...March 3, 2021 NEW YORK (S&P Global Ratings) March 3, 2021--S&P Global Ratings today assigned its '###-' issue-level rating (the same as our long-term issuer credit rating) to Marriott International Inc.'s proposed series HH senior unsecured notes. Marriot intends to use the proceeds for general corporate purposes and repayment of outstanding debt, including amounts outstanding under its credit facility. All of our other ratings on Marriott are unchanged. The '###-' issuer credit rating continues to reflect our belief Marriott could reduce leverage below our 4.25x downgrade threshold by 2022. We are willing to look out this far for Marriott to restore credit measures in line with the current rating based on the following: - Its sizable, geographically diverse lodging system, portfolio of brands that target multiple price points, favorable brand recognition, and strong loyalty program. - Our belief its system of hotels will eventually recover along with leisure, business, and group travel,...
