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

NEW YORK (S&P Global Ratings) Feb. 20, 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 NN senior unsecured notes and series OO senior unsecured notes. We understand Marriott is targeting two tranches due 2029 and 2034. 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, a continued recovery in business transient and group bookings, and recovery in Marriott's international rooms base. Marriott can likely maintain our measure of adjusted debt to EBITDA below our 3.75x downgrade

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