Marriott has announced plans to issue $400 million of senior unsecured notes due 2019, the proceeds of which will be used for general corporate purposes. We are assigning our 'BBB' issue-level rating to the proposed $400 million notes. The stable rating outlook reflects our belief that Marriott will make financial policy choices over the next several years that will enable the company to sustain credit measures in line with our current rating. On Feb. 22, 2012, Standard&Poor's Ratings Services assigned its 'BBB' issue-level rating to Bethesda, Md.-based Marriott International Inc.'s proposed $400 million notes due 2019. Marriott expects to use the proceeds for general corporate purposes. Our 'BBB' corporate credit rating on Marriott reflects our assessment of the
