On April 14, 2003, Standard&Poor's Ratings Services assigned its 'BBB' long-term corporate credit rating to U.K.-based international hotel operator InterContinental Hotels Group PLC. InterContinental Hotels was formed as an independently listed group after the separation of the hotel and leisure retail (pub and restaurant) businesses formerly held by Six Continents PLC. The outlook is stable. At the same time, Standard&Poor's assigned its 'A-2' short-term rating to InterContinental Hotels. In addition, the long-term corporate credit and senior unsecured debt ratings on the holding company Six Continents, which remains a related entity guaranteed by InterContinental Hotels, were lowered to 'BBB' from 'A-' and removed from CreditWatch where they were placed on Oct. 1, 2002. The outlook is stable.
