Standard&Poor's placed the ratings of Marriott International Inc. on CreditWatch with negative implications on September 21, 2001. This action reflected the dramatic drop in business and leisure travel following the events of September 11, and the resulting uncertainty within the lodging sector. The CreditWatch status will be resolved once Standard&Poor's completes its assessment of the severity of the decline in lodging demand, the likely level of stabilization, and the long-term credit implications for Marriott. Ratings for Marriott reflect its above-average business profile and moderate financial policy. Marriott is a leader in the hospitality industry in brand strength and diversity, as well as management depth, continuity, and experience. Its lodging group (about 98% of EBITDA) has expanded
