Fitch affirms Hilton

Fitch Ratings said it affirmed Hilton Group plc's senior unsecured and short-term ratings at BBB+ and F2, respectively.

The outlook remains stable.

Fitch said financial year 2004 has been one of consolidation for the Hilton Group. After three years of decline in Hilton's international profits, which were mitigated by Ladbrokes' good results, in FY04 both the hotel and gaming divisions delivered strong profit growth, contributing to £175 million debt reduction, the agency added.

The agency said that Hilton is managing its asset base cautiously and has not engaged in a full-blown change of business model, which always creates execution risk.

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