Marriott International Inc.'s Senior Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Sept. 13, 2023--S&P Global Ratings today assigned its 'BBB' issue-level rating (the same as the long-term issuer credit rating) to Marriott International Inc.'s proposed series LL senior unsecured notes and its proposed series MM senior unsecured notes. We understand Marriott is targeting two tranches due 2026 and 2028. Marriott intends to use the proceeds for general corporate purposes. We continue to assume Marriott's S&P Global Ratings-adjusted net debt to EBITDA will be in the 3.0x-3.5x range through 2024, reflecting sustained leisure demand, strong average daily rate, and a continued recovery in business transient and group bookings, as well as a recovery in Marriott's international rooms base. Marriott can likely maintain our measure of adjusted debt

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