S&P ups Marriott Vacations notes

S&P said it raised its issue-level rating on Marriott Vacations Worldwide Corp.'s senior unsecured debt, issued by subsidiary borrower Marriott Ownership Resorts Inc., to B from B-, revised the associated recovery rating to 5 from 6 and removed this rating from CreditWatch. The agency placed the rating on CreditWatch with positive implications in September.

“The upgrade is based on our understanding that the company repaid $250 million of senior unsecured bonds in September and $250 million of senior secured notes in October,” the agency said in a press release.

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