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Fitch rates Marriott notes BBB
Fitch Ratings said it assigned a BBB rating to Marriott International Inc.'s proposed $350 million 10-year unsecured note issuance.
The company has an issuer default rating of BBB, short-term issuer default rating of F2, commercial-paper rating of F2, $1.75 billion senior unsecured credit facility rating of BBB and $2.2 billion senior unsecured notes rating of BBB.
The outlook remains stable.
The notes will be issued under Marriott's existing indenture and will be pari passu with all existing debt, Fitch said.
The proceeds will be used for general corporate purposes, which may include repayment of a portion of its current commercial paper outstanding, the agency said.
As of June 15, Fitch said it calculates consolidated lease-adjusted leverage of 2.7x.
The ratings and outlook reflect positive lodging industry fundamentals, Marriott's continued focus on a capital-efficient, asset-light business model and continued macroeconomic uncertainty, the agency said.
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