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CreditStats: 25301020 Hotels, Resorts, & Cruise Lines--U.S. Sep 06

Standard & Poors, September 2006

Abstract
Note: Standard & Poor's Ratings Services is changing its industry and sector groupings to the Global Industry Classification System (GICS). Consequently, some companies may now appear under different sector names from those they appeared under in previous years. In other cases, some sectors may have been combined or renamed under the new GICS system....

Companies mentioned in this report are:
- Hilton Hotels Corp.
- Bluegreen Corp.
- Carnival Corp.
- Royal Caribbean Cruises Ltd.
- Marriott International Inc.
- Hyatt Equities LLC
- Ryman Hospitality Properties Inc.
- Hard Rock Hotel Inc.
- Choice Hotels International Inc.
- Starwood Hotels & Resorts Worldwide Inc.
- Wynn Las Vegas LLC
- Worldspan L.P.
- Interstate Hotels & Resorts Inc.
- Black Gaming LLC
- Hyatt Hotels Corp.

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.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Hilton Hotels Corp.
- Bluegreen Corp.
- Carnival Corp.
- Royal Caribbean Cruises Ltd.
- Marriott International Inc.
- Hyatt Equities LLC
- Ryman Hospitality Properties Inc.
- Hard Rock Hotel Inc.
- Choice Hotels International Inc.
- Starwood Hotels & Resorts Worldwide Inc.
- Wynn Las Vegas LLC
- Worldspan L.P.
- Interstate Hotels & Resorts Inc.
- Black Gaming LLC
- Hyatt Hotels Corp.

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