Moody's rates Hillview notes B3

Moody's Investors Service said it assigned a first-time B3 foreign-currency rating to Hillview's proposed $100 million senior unsecured notes due in 2015 and a corporate family rating of B3 on a global scale.

The outlook is stable.

Proceeds will be used for liability management and corporate purposes.

Hillview's B3 rating reflects its position as one of the largest private gaming companies in Argentina and solid operating performance, the agency said.

Continued marketing and promotional activity and a favorable competitive position in its primary market also help Hillview's performance, the agency added.

Credit negatives that partly offset these strengths include Hillview's small revenues and assets size, high property concentration risk, with cash flow generation coming from a single market niche, and its relatively short historical track as operations started only in 2007, Moody's said.

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