U.S.-based lodging operator Marriott International Inc. has proposed the issuance of $350 million senior unsecured notes due 2021. We are assigning our 'BBB' issue-level rating to the new debt. All other ratings, including our 'BBB' corporate credit rating, are unchanged. The stable outlook reflects our expectation for Marriott to sustain leverage of 3.0x-3.25x and FFO to total debt between 20% and 25% over the next few years. On Oct. 6, 2014, Standard&Poor's Ratings Services assigned its 'BBB' issue-level rating (at the same level as the 'BBB' corporate credit rating) to Marriott International Inc.'s proposed $350 million senior unsecured notes due 2021. Marriott intends to use the proceeds for general corporate purposes, which may include working capital, capital expenditures,
