S&P: Starwood unaffected

Standard & Poor's said its rating and outlook on Starwood Hotels & Resorts Worldwide Inc. (BBB-/stable) are not currently affected by the company's announcement that its board has increased its share repurchase authorization by $1 billion.

The increase was expected, because as of September, Starwood had mostly completed its previous authorization, the agency said.

With leverage, as measured by total debt to EBITDA, near 3 times at September, Starwood currently has a good level of flexibility in its leverage profile, the agency noted.

S&P said it expects Starwood to maintain leverage in the mid-to-high 3 times area over the lodging cycle.

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