S&P rates Key Safety loans B+, B

Standard & Poor's said it affirmed its B+ corporate credit rating on KSS Holdings Inc., parent of Key Safety Systems Inc.

The outlook is stable.

At the same time, the agency assigned its B+ issue-level rating and 3 recovery rating to Key Safety's new first-lien $500 million senior secured credit facilities.

S&P also assigned its B issue-level rating and 5 recovery rating to Key Safety's new $100 million second-lien term loan.

The company plans to use the proceeds from the debt issuances to refinance its existing term loan and revolver.

S&P will withdraw the ratings on Key Safety's existing $395 million term loan due 2018 and its $75 million revolver due 2017 when the proposed transaction closes.

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