S&P: Starwood Hotels off watch

Standard & Poor's said it affirmed its ratings, including its BB+ corporate credit rating, on Starwood Hotels & Resorts Worldwide Inc.

At the same time, the ratings were removed from CreditWatch where they were placed on Jan. 7, 2004. The outlook is stable.

S&P said the ratings on Starwood were originally placed on CreditWatch when the company, along with Lehman Brothers Holdings Inc., took a position in the debt of troubled hotel company Le Meridien Hotels & Resorts Ltd.

Ratings on Starwood reflect its large, high quality and geographically diversified hotel portfolio with many well-established brand names, S&P said.

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