S&P drops Kinetek to SD

Standard & Poor's said it lowered Kinetek Holdings Corp.'s corporate credit rating to SD from B- and its first-lien debt and second-lien debt to D.

"The rating actions reflect confidential information that Kinetek has made available to Standard & Poor's Ratings Services regarding the repurchase of its own debt, which has caused us to have a different view than had been reflected in the previous ratings," S&P analyst Helena Song said in a statement.

The agency said it expects to assign a new corporate credit rating to Kinetek in the next two weeks, based on an assessment of the company's new capital structure and liquidity profile.

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