Moody’s assigns Marriott notes Ba3

Moody’s Investors Service said it assigned Marriott Ownership Resorts, Inc.’s planned senior unsecured note issuance a Ba3 rating.

“The planned note issuance is credit positive as it extends the company’s maturity profile and lowers its overall cost of debt. The transaction bolsters the company’s already good liquidity by reducing outstandings under its $600 million committed revolver, said Pete Trombetta, Moody’s lodging analyst, in a news release.

The company’s other ratings are unchanged, including its Ba2 corporate family rating, Ba2-PD probability of default rating and its Baa3 senior secured bank facility rating.

Proceeds will be used to refinance the unsecured notes related to the company’s acquisition of Interval Leisure Group, cut the balance on its revolver and pay fees and expenses.

The outlook is stable.

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