U.S. lodging company Marriott International Inc. has entered into a definitive agreement to acquire Starwood Hotels&Resorts Worldwide Inc. for $12.2 billion, funded primarily through a stock-for-stock transaction. We are affirming all ratings, including the 'BBB' corporate credit rating, on Marriott International Inc. The rating outlook remains stable, reflecting our expectation that Marriott will continue to make financial policy decisions to complete shareholder returns and investment spending that results in total lease-adjusted debt to EBITDA sustained between 3x and 3.25x and FFO to debt sustained above 20%. (Watch the related CreditMatters TV segment titled, "What The Planned Combination Of Marriott And Starwood Means For The Ratings," dated Nov. 19, 2015.) On Nov. 16, 2015, Standard&Poor's Ratings Services
