The rating reflects Bethesda, Md.-based lodging company Marriott International Inc.'s 'strong' business risk profile because of its sizable, good-quality system of hotels targeting multiple price points, its experienced management team, its focus on managing and franchising hotels rather than on ownership, favorable long-term demographic trends and increasing travel patterns across the world, and a geographically diversified portfolio of quality brands. These factors are tempered by the cyclical nature of lodging and the revenue and cash flow variability Marriott experienced during the last downturn, and the susceptibility of the travel and leisure industry to global political and financial events. In addition, the rating reflects Marriott's 'significant' financial risk profile, the result of Standard&Poor's Ratings Services' expectation that Marriott will
