On April 16, 2009, Standard&Poor's Ratings Services lowered its long-term ratings on Marriott International Inc. by one notch and removed them from CreditWatch, where they were placed March 27, 2009. We lowered the corporate credit rating to 'BBB-' from 'BBB', and the rating outlook is stable. We also affirmed the 'A-3' short-term rating on the company and removed it from CreditWatch. The ratings downgrade reflects a downward revision in our expectation for 2009 revenue per available room (RevPAR) in the U.S. lodging industry, to a decline between 14% and 16%, from about 10% earlier this year. In addition, we believe that Marriott is likely to experience a decline in 2009 EBITDA of about 30%, and that credit measures
