Moody’s cuts Hero Acquisitions

Moody's Investors Service said it downgraded Hero Acquisitions Ltd.'s corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD.

Concurrently, Moody's downgraded to B3 from B2 the instrument rating on the £136 million outstanding senior secured notes maturing in 2019 issued by HSS Financing plc, a subsidiary of Hero.

The outlook is negative.

The agency said the rating reflects the significant increase in the company’s adjusted leverage, prolonged albeit slowing decline in rental revenues, and very tight liquidity position.

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