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Moody's: Starwood outlook negative
Moody's Investors Service said it affirmed Starwood Hotels & Resorts Worldwide, Inc.'s Baa3 senior unsecured rating and changed the outlook to negative from stable.
The change reflects accelerating declines in revenue per available room and limited demand visibility caused by macro-economic stress, according to the agency.
The affirmation reflects a reasonable chance that Starwood can reduce debt to counter lower earnings by lowering capital and investment spending to some degree, securitizing some timeshare receivables or selling assets, the agency noted.
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