Disclosed are hydrophobic polyester-polycarbonate polyols which are the reaction product of (a) a polyester polyol and (b) one or more polycarbonate polyols. The polyester polyol (a) is the reaction product of: (i) one or more hydrophobic monomers, (ii) one or more organic acids, and (iii) one or more alcohols having an OH functionality of 2 or more. The polyester-polycarbonate polyols may be both amorphous and liquid at room temperature and have excellent hydrolytic stability. The hydrolytic and chemical performance of the polyester-polycarbonate polyols described herein is superior to that of commercially available hydrophobically modified polyester polyols and to that of commercially available polyester-polycarbonate polyols as described herein.