S&P cuts Hilton Grand Vacations

S&P said it downgraded Hilton Grand Vacations Inc. to BB from BB+ but affirmed the BBB- ratings on the senior secured credit facility. The agency also lowered the rating on the senior unsecured notes to BB- from BB.

“The downgrade reflects a severe second-quarter decline in revenue and EBITDA, which will probably cause HGV's captive-adjusted leverage to spike in 2020 and potentially improve to the 4x-4.5x range in 2021,” S&P said in a press release.

All the ratings remain on CreditWatch with negative implications where S&P placed them on March 20.

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