S&P rates Starwood notes BBB

Standard & Poor's said it assigned a BBB rating to Starwood Hotels & Resorts Worldwide Inc.'s proposed $250 million notes due 2023.

The proceeds will be used to tender for the early redemption of $515 million in aggregate of various notes due 2014 through 2019, S&P said.

All other ratings are unchanged and the outlook is stable.

The ratings reflect the company's satisfactory business risk profile and intermediate financial risk profile, the agency said.

The ratings also consider its large, high-quality and geographically diversified hotel portfolio with many well-established brand names, which positioned it well during the current global lodging recovery, S&P said.

These advantages are partly offset by the sensitive demand based on economic cycles, the agency said, and the company's exposure to the EBITDA volatility of its largest owned hotels.

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