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S&P upgrades Hilton loan above junk
Standard & Poor’s said it raised the corporate credit rating on Hilton Worldwide Holdings Inc. to BB from BB-.
The outlook is positive.
The agency also said it raised the rating on Hilton Worldwide Finance LLC’s senior secured credit facilities to BBB- from BB+. The recovery rating on the facilities remains at 1, reflecting 90% to 100% expected default recovery.
The agency also said it raised the rating on the company’s senior notes to B+ from B. The recovery rating on the debt remains at 6, indicating 0 to 10% expected default recovery.
The upgrade reflects expectations for good RevPAR growth and operating performance at Hilton through 2016, S&P said.
The agency also said it expects the company to continue reducing its high leverage over time using free cash flow for debt repayment, the agency said.
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