On Oct. 5, 2007, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Marriott International Inc. to 'BBB' from 'BBB+'. The rating outlook is stable. At the same time, Standard&Poor's affirmed its 'A-2' commercial paper rating on the company. The downgrade reflects our belief that the new rating level is more consistent with Marriott's current financial policy regarding leverage than the previous rating. We have previously said that if Marriott chooses to increase leverage as measured by adjusted debt to EBITDAR (EBITDA plus rent expense) to its previously communicated 3.00x to 3.25x range and sustain it at this level, ratings could be lowered by one notch. The company announced yesterday that total share
