- Language: English
- 774 Pages
- Published: October 2012
- Region: Global
Research Update: Marriott Vacations Worldwide Corp. Assigned Preliminary 'BB-' Rating; Outlook Stable Oct 11
- Published: October 2011
- Standard & Poors
We are assigning our preliminary 'BB-' corporate credit rating to Marriott Vacations Worldwide Corp. (MVM). We are also assigning our preliminary 'B-' preferred stock rating to MVW's proposed $40 million cumulative and mandatorily redeemable preferred stock issue. The stable rating outlook reflects our expectation that MVW is likely to sustain net leverage around the mid-4x area and coverage of around 3x or better, and an adequate overall liquidity profile. On Oct. 5, 2011, Standard & Poor's Ratings Services assigned its preliminary 'BB-' corporate credit rating to Marriott Vacations Worldwide Corp. (MVW). Marriott International Inc. plans to spin off timeshare subsidiary MVW by the end of 2011, at which time we will assign our final ratings. The rating outlook is stable....
Companies mentioned in this report are: Marriott Vacations Worldwide Corp.,MVW US Holdings Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Marriott Vacations Worldwide Corp.,MVW US Holdings Inc.