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Research Update: HIT Entertainment Ltd. And Hit Entertainment Inc. 'CCC+' Ratings On Watch Developing;Ratings Withdrawn On Issuer Request Dec 11
Standard & Poors, Dec 2011
Abstract
U.K.-based Children's programming and consumer products company HIT Entertainment Ltd. is reported to be in the process of being sold to U.S. toy manufacturer Mattel Inc. (Mattel) for $680 million. We are placing the 'CCC+' long-term corporate credit ratings on HIT Entertainment Ltd. and subsidiary Hit Entertainment Inc. (together 'HIT'), and the 'CCC+' and 'CCC-' issue ratings of HIT Entertainment Inc. on CreditWatch developing. We subsequently withdrew all issuer, issue, and recovery ratings on HIT at HIT's request. The CreditWatch developing indicates that-the ratings on HIT could have been raised, lowered, or affirmed on resolution of the CreditWatch placement. On Dec. 9, 2011, Standard & Poor's Ratings Services placed its 'CCC+' long-term corporate credit rating on U.K.-based preschool children's programming...
Companies mentioned in this report are: HIT Entertainment Ltd.,HIT Entertainment Inc.
Action: On CreditWatch:Developing
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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