Fitch lifts Starwood from junk

Fitch Ratings said it upgraded Starwood Hotels & Resorts Worldwide Inc.'s issuer default rating to BBB- from BB+.

The agency also upgraded the company's $1.5 billion senior unsecured credit facility to BBB- from BB+ and $2.2 billion of senior unsecured notes to BBB- from BB+.

The outlook remains positive.

The upgrade reflects that lodging demand trends continue on a solid recovery trajectory, despite heightened global macroeconomic risk, Fitch said.

The company's attractive growth supply and healthier corporate balance sheets cushion downside scenarios in a potential double dip recession compared to 2008 through 2009, the agency said.

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