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Moody's reviews Hilton for downgrade
Moody's Investors Service said it placed the ratings of Hilton Worldwide Finance, LLC on review for downgrade including its Ba1 corporate family rating, Ba1-PD probability of default rating, Baa3 senior secured rating and Ba2 senior unsecured rating. The company's speculative grade liquidity rating of SGL-1 is unchanged at this time.
"The review for downgrade is prompted by earnings pressure Hilton will face in 2020 as travel restrictions being put in place across the U.S. related to the spread of the Covid-19 coronavirus causes significant declines in occupancy and revenue per available room (RevPAR)," stated Pete Trombetta, a Moody's lodging and cruise analyst, in a press release. "Hilton's leverage will increase to well above its downgrade trigger of 4.5x, but Hilton's liquidity is adequate to get the company through this period of earnings pressure."
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