S&P assigns Marriott BB-

Standard & Poor's said it assigned its BB- corporate credit rating to Marriott Vacations Worldwide Corp. The outlook is stable.

At the same time, the agency said it assigned its B- preferred stock rating to subsidiary MVW US Holdings Inc.'s $40 million cumulative and mandatorily redeemable preferred stock. This issue-level rating is three notches below the BB- corporate credit rating for Marriott Vacations Worldwide, in accordance with S&P's issue-level rating notching criteria for preferred stock, the agency said.

S&P said the rating reflects Marriott Vacations Worldwide's "weak" business risk profile, which requires external financing to fund lending to customers in the company's capital-intensive and competitive timeshare business.

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