S&P lifts Marriott Vacations

Standard & Poor’s said it raised the corporate credit rating on Marriott Vacations Worldwide Corp. to BB+ from BB.

The outlook is stable.

The upgrade reflects an improvement in the company’s financial risk following the implementation of a new captive finance criteria, which incorporates adjustments to segregate captive finance operations from consolidated performance at Marriott, S&P said.

The improved financial risk assessment reflects modest adjusted leverage at the parent, moderate historical and anticipated losses between 3% and 5% inside the captive’s loan portfolio, the agency said.

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