Moody's may withdraw Hit

Moody's Investors Service said news that Mattel, Inc. agreed to acquire Hit Entertainment Inc. will likely cause the withdrawal of Hit's Caa1 corporate family rating, Caa2 probability of default rating, negative outlook and existing debt instrument ratings.

The agency said it expects all of Hit's rated debt to be repaid upon close of the acquisition.

Therefore, Moody's said it will withdraw all of Hit ratings at that time.

Its rated debt consists of about $375 million of B2-rated first-lien debt and $175 million of Caa3-rated second-lien debt, the agency said.

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