Moody's drops Hit

Moody's Investors Service said it downgraded Hit Entertainment, Inc.'s corporate family rating to B2 from B1 while revising the outlook to negative from stable.

At the same time, ratings for the company's senior secured $77 million revolving credit facility and $328 million term loan were downgraded to B1 from Ba3 while ratings on the company's $175 million second-lien term loan were downgraded to Caa1 from B3, the agency noted.

The rating/outlook action was prompted by ongoing weaker than anticipated operating results that, in turn, cause credit protection measures to lag earlier expectations, Moody's said.

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