S&P rates Hilton Grand notes BB+

S&P said it assigned BB+ issue-level 2 recovery ratings to Hilton Grand Vacations Inc.'s upcoming senior secured notes due 2032. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 70%) recovery in a hypothetical default.

The rating is in line with the ratings on Hilton Grand’s outstanding senior secured debt.

The company intends to use the proceeds to complete its previously announced acquisition of Bluegreen Vacations Holdings.

The outlook is stable.

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