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Moody's shifts Marriott Vacations view to stable
Moody's Investors Service said it revised the outlook of Marriott Ownership Resorts, Inc., a subsidiary of Marriott Vacations Worldwide Corp., herein combined as Marriott Vacations, to stable from negative. The agency also affirmed the company's Ba3 corporate family rating, Ba3-PD probability of default rating, Ba1 senior secured bank credit facility and senior secured ratings, and B1 senior unsecured rating. Moody's also upgraded Marriott Vacations' speculative grade liquidity rating to SGL-1 from SGL-3.
"The stable outlook reflects Moody's expectation that Marriott Vacations' improved operating performance will enable the company to achieve and maintain EBITA/interest coverage above 3x and debt/EBITDA around 5x," stated Pete Trombetta, Moody's lodging analyst, in a press release.
"The company's improved operating performance is being driven by continued strong leisure travel that is resulting in stronger sales of vacation ownership products and growing tour volume as occupancy returns to 2019 levels at beach and resort settings," added Trombetta. All metrics include Moody's standard adjustments and 100% of securitized debt.
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