The 'BBB' rating reflects Marriott International Inc.'s strong business profile due to 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. Tempering these factors are the significant current down cycle and the cyclical nature of lodging in general, and the susceptibility of the travel and leisure industry to global political and financial events. On Feb. 12, 2009, Marriott lowered its 2009 internal planning assumptions for a decline of 12% to 17% in revenue per available room (RevPAR) at North American company operating hotels, and a decline of 8% to 13% in RevPAR at company operated hotels outside
