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S&P lowers HIT
Standard & Poor's said it lowered its long-term corporate credit ratings on HIT Entertainment Ltd. and related entities to CC from CCC+.
The outlook is negative.
At the same time, the agency said it lowered the issue-level ratings on related entity HIT Entertainment Inc.'s $404 million first-lien debt facilities, including a $77 million revolving credit facility and $327 million term loan B, to CCC-, one notch higher than the corporate credit rating.
The recovery ratings on these issues are unchanged at 2.
Furthermore, the agency said it lowered the rating on HIT Entertainment Inc.'s $175 million second-lien facility to C, one notch lower than the corporate credit rating. The recovery rating on this facility is unchanged at 5.
"The downgrade mainly reflects its view that the implementation of a capital restructuring of HIT, and/or an amendment to its existing credit facilities, is very likely within the next few months," said credit analyst Raam Ratnam.
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