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Fitch rates Marriott notes BBB
Fitch Ratings said it assigned a BBB rating to Marriott International's 5 5/8% of $400 million series J senior notes due Feb. 15, 2013.
The agency said that the series J notes rank equally with Marriott's other senior unsecured notes, adding that the proceeds from the offering will be used primarily to reduce Marriott s outstanding U.S. commercial paper debt balance, which was $1 billion as of Oct. 12.
Therefore, Fitch said that this transaction should not materially increase Marriott's total debt balance, which was $2.9 billion as of its most recently reported quarter.
The outlook is stable.
Marriott's ratings and stable outlook reflect Fitch's view of an attractive industry supply/demand outlook for at least the next 18-to-24 months, Marriott's flexible capital allocation strategy, the stability of its management/franchise fees business and its diversified portfolio of leading hotel and timeshare brands.
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