U.S.-based hotelier Marriott has benefited from the improving global lodging environment, and we believe management will be able to sustain credit measures at their improved levels. We are raising our long-term rating on the company to 'BBB' from 'BBB-'. 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 credit metrics appropriate for the 'BBB' rating. On Oct. 1, 2010, Standard&Poor's Ratings Services raised its corporate credit and senior unsecured debt ratings on Bethesda, Md.-based Marriott International Inc. to 'BBB' from 'BBB-'. The rating outlook is stable. The upgrade reflects the improving global lodging environment and our belief that Marriott will make financial
