...- We expect Marriott International Inc.'s leisure demand and systemwide average daily rate (ADR) will continue to strengthen in 2022 relative to their significantly improved levels in the fourth quarter of 2021. In addition, despite the negative effects from the spread of the omicron variant so far in 2022, we believe business transient and group travel may begin to recover, which could improve the company's systemwide revenue per available room (RevPAR) closer to 2019 levels during the year than we previously expected. - Given these expectations, as well as management's policy commitment to reduce its S&P Global Ratings-adjusted leverage to the 3.0x-3.5x range, we believe Marriott's S&P Global Ratings-adjusted leverage could improve below our 3.75x upgrade threshold in 2022. - Therefore, we revised our outlook on the company to positive from negative and affirmed all of our ratings, including our '###-' issuer credit rating and senior unsecured debt ratings. - The positive outlook reflects...
