On 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 (see list below). 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. The healthy operating environment has driven EBITDA growth at Marriott, and credit measures have improved as a result. The ratings on Bethesda, Md.-based Marriott reflect its sizable and good quality portfolio of hotels, its ownership of 11 well known lodging brands that target multiple price points
