S&P gives Hilton Grand Vacations notes B-

S&P said it gave B- issue-level rating, two notches below the expected B+ issuer credit rating, and 6 recovery ratings to Hilton Grand Vacations Inc.'s upcoming $425 million of senior unsecured notes due 2031. The 6 recovery rating reflects negligible (0%-10%; rounded estimate: 0%) recovery in default.

The notes are part of Hilton’s financing plan to acquire Diamond Resorts International Inc. “We expect the company to use the proceeds from this proposed issuance, in addition to proceeds from the $850 million senior unsecured notes issued in May 2021, to complete the acquisition,” the agency said in a press release.

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