Moody's ups Starwood to Baa3

Moody's Investors Service said it upgraded Starwood Hotels & Resorts Worldwide Inc.'s senior unsecured ratings to Baa3 from Ba1 (LGD 4/56%).

The outlook is stable.

Moody's said the upgrade reflects the steady improvement in Starwood's operating metrics, specifically occupancy, ADR and RevPAR, coupled with a material reduction in outstanding debt that has driven stronger earnings, cash flows and credit metrics and Moody's expectation that earnings and credit metrics will continue to improve.

The higher ratings also reflect Moody's view that liquidity will remain very good and that the company's financial policies will be managed in a way that maintains a strong credit profile, the agency said.

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