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

NEW YORK (S&P Global Ratings) Feb. 24, 2025--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 RR and series SS senior unsecured notes. 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 at least 2025. At the end of 2024, global group revenues were pacing up 6% for 2025 and 10% for 2026. Stable leisure demand and a continued recovery in business transient bookings also supports our leverage expectations. Marriott expects 4%-5% net rooms growth in 2025, which will also increase revenue. We believe Marriott can

...- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 - General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - ARCHIVE | Criteria | Corporates | Industrials: Key Credit Factors For The Leisure And Sports Industry, March 5, 2014 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - ARCHIVE | Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013...

Ratings Action