Moody's drops Hilton

Moody's Investors Service said it downgraded Hilton Corp.'s corporate family and probability-of-default ratings to B3 from Ba1 and its senior notes and bank credit facilities to Caa1 (LGD5, 76%) from Ba1.

According to the agency, the downgrade reflects the leveraged buyout that will result in weak credit metrics. Moody's said it estimates pro forma adjusted debt-to-EBITDA ratio at about 12 times.

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