RevPAR (revenue per available room) trends for the lodging industry in the U.S., including at Marriott, are improving. We are revising our 'BBB-' rating outlook on Marriott to positive from stable. The positive rating outlook reflects our view that the company could potentially sustain credit measures appropriate for a higher credit rating over the intermediate term. On April 22, 2010, Standard&Poor's Ratings Services revised its rating outlook on Marriott International Inc. to positive from stable. We affirmed all ratings on the company, including the 'BBB-' corporate credit rating. The positive outlook revision reflects our expectation that Marriott could achieve and sustain credit measures appropriate for a one-notch higher rating over the intermediate term. We expect that hotel room
