...- A robust recovery in revenue and EBITDA at Hyatt Hotels Corp.'s comparable hotels and its Apple Leisure Group (ALG) subsidiary acquired last year will likely result in S&P Global Ratings-adjusted net leverage in the low-3x area in 2022, which represents a good cushion compared with our 3.75x upgrade threshold at the '##+' rating. Our revised base case assumptions in 2023 could result in the company moderately reducing leverage further, despite currently anticipated macroeconomic headwinds and potential opportunistic investments. - Therefore, we raised our issuer credit rating on Hyatt to '###-' from '##+' and our issue-level rating on its senior unsecured debt to '###¡' from '##+'. - The stable outlook reflects our view that the company will make financial policy choices regarding share repurchases, acquisitions, asset disposals, and other spending over the next few years that should enable it to achieve and maintain gross debt to EBITDA within its stated financial policy range of 3.0x-3.5x,...
