Moody’s lifts Hill-Rom notes

Moody's Investors Service said it upgraded the rating on Hill-Rom Holdings, Inc.’s unsecured notes to Ba3 from B1 and upgraded the speculative grade liquidity rating to SGL-1 from SGL-2.

At the same time, the agency affirmed Hill-Rom's other ratings, including the Ba2 corporate family rating, Ba2-PD probability of default rating and B1 unsecured debenture rating.

The outlook remains stable.

“The upgrade of Hill-Rom's senior unsecured notes follows the repayment of a material amount of secured bank debt,” the agency said in a news release.

“The company has meaningfully reduced the balance of its senior secured term loan A (not rated), decreasing the expected losses on the unsecured notes in a default scenario.”

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