The 'BBB+' rating on Bethesda, Md.-based Marriott International Inc. reflects the company's strong business profile, as exhibited by its sizable and good-quality system of hotels targeting multiple price points, its leadership position in timeshare, its experienced management team, and its focus on managing and franchising hotels rather than outright ownership. These factors are tempered by the cyclical nature of the lodging industry and the susceptibility of the travel and leisure industry to global political events. In addition, our current rating and outlook rely on our confidence that Marriott will balance investment, share repurchase activity, and other spending, sustaining total lease-adjusted debt to adjusted EBITDA in the 3x area or below. In October 2006, Marriott measured its debt capacity over 2007
