...September 8, 2021 NEW YORK (S&P Global Ratings) Sept. 8, 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 II senior unsecured notes. Marriot intends to use the proceeds for general corporate purposes and repayment of outstanding debt, including for the tender offer announced on Sept. 8, 2021, for up to $800 million aggregate principal amount of series EE 5.75% notes, series P 3.75% notes, and series V 3.75% notes. All of our other ratings on Marriott are unchanged. The '###-' issuer credit rating continues to reflect our belief Marriott could reduce leverage to below our 4.25x downgrade threshold in 2022. We have also modestly revised our base case for Marriott's systemwide revenue per available room (RevPAR) and EBITDA for 2021 and 2022 in light of this year's good summer leisure demand, partly offset by a more gradual return of business transient travel, resulting in...
