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S&P rates HIT Entertainment loan B, notes CCC+
Standard & Poor's said it assigned its B corporate credit rating to HIT Entertainment Ltd. and subsidiary HIT Entertainment Inc.
At the same time, S&P said it assigned its B bank loan rating and a recovery rating of 3 to HIT's $453 million credit facilities, consisting of a $77 million revolving credit facility due 2011 and a $376 million term loan B due 2012.
A CCC+ rating was also assigned to HIT's proposed $172 million senior subordinated notes due 2013.
The outlook is negative.
The ratings reflect HIT's significant content distribution risk relating to its broadcast partners and its narrow base of operation, mature and competitive industry with limited internal growth prospects and aggressive financial policy, the agency said.
These factors are only partially offset by the company's strong brand properties, S&P noted.
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