Fitch lifts Starwood

Fitch Ratings said it upgraded Starwood Hotels & Resorts Worldwide Inc.'s issuer default rating to BBB from BBB-. The outlook was revised to stable from positive.

The agency said the upgrade primarily reflects the company's recent announcement that it will redeem all of its 6¼% senior notes due 2013 with cash on hand.

This de-leveraging action is further evidence of management's commitment to maintaining credit protection measures commensurate with a BBB issuer default rating, Fitch said.

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