Moody’s May Raise Hilton’s Credit Rating
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Hilton Hotels Corp. may have its credit rating raised to investment grade by Moody’s Investors Service, which cited the company’s debt reduction and profit growth.
Moody’s rates Hilton Ba1, one level below investment grade, and placed the company on review for a possible upgrade. The move affects about $3.4 billion in debt, New York-based Moody’s said.
Hilton, which has cut its debt from $4.1 billion a year ago, is already rated investment grade by Standard & Poor’s. A higher debt rating may reduce Hilton’s borrowing costs. Hilton said last month that second-quarter profit rose 39%, boosted by an increase in business travel to its New York and Washington hotels.
Shares of Beverly Hills-based Hilton rose 40 cents to $17.63 on the NYSE.
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