Global lodging company Marriott International Inc. has announced plans to issue $350 million senior unsecured notes due 2020. Marriott expects to use the proceeds for general corporate purposes. We are assigning the proposed notes our 'BBB' issue-level rating. The stable rating outlook reflects our belief that Marriott will make financial policy choices over the next several years that will enable it to sustain adjusted leverage between 3x and 3.25x, and funds from operations (FFO) to total adjusted debt between 25% and 30%--in line with our rating. On Sept. 24, 2013, Standard&Poor's Ratings Services assigned Bethesda, Md.-based Marriott International Inc.'s proposed $350 million senior unsecured notes due 2020 an issue-level rating of 'BBB'. All other ratings are unchanged. Marriott
