NEW YORK (Standard&Poor's) July 28, 2004--Standard&Poor's Ratings Services revised its outlook on Marriott International, Inc. to stable from negative. Concurrently, all ratings, including its 'BBB+' corporate credit rating, were affirmed. Approximately $1.4 billion of debt was outstanding as of Marriott's second quarter ended June 18, 2004. "The outlook revision considers the ongoing recovery within the U.S. lodging industry and the expectation that this will continue for the next several quarters," said Standard&Poor's credit analyst Craig Parmelee. "The healthy operating environment has driven EBITDA growth at Marriott, and credit measures have improved as a result." The lodging industry has experienced robust growth in the first half of 2004, due to return of business travelers and
