S&P gives BBB to Starwood notes

Standard & Poor’s said it assigned Starwood Hotels & Resorts Worldwide Inc.’s proposed $600 million senior unsecured notes its BBB issue-level rating.

Starwood intends to issue one tranche due in 2025 and another due in 2034. Starwood also intends to use the proceeds for general corporate purposes, which may include the repayment of commercial paper, share repurchases or the payment of special dividends.

All other ratings on Starwood, including the BBB corporate credit rating, are unchanged. The outlook is stable.

S&P said its BBB corporate credit rating reflects S&P’s assessment of Starwood’s business risk profile as “satisfactory” and its financial risk profile as “intermediate.”

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