Spotlight: Hilton’s Debt Ratings Cut in Wake of Bid for ITT

Hilton Hotels Corp.’s debt ratings were cut a notch by Standard & Poor’s Corp., which said the Beverly Hills company’s attempt to take over ITT Corp. showed its willingness to take on new debt. S&P; cut Hilton’s corporate credit and senior unsecured debt to BBB from BBB+ and subordinated debt to BBB- from BBB. Hilton has about $2.7 billion in debt. The company ended its 10-month, $12-billion hostile pursuit of ITT two weeks ago after ITT shareholders agreed to a $13.7-billion offer from Starwood Lodging Trust.