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S&P: Alliant on watch
Standard & Poor’s said it placed all of the ratings, including the B long-term corporate credit rating, on Alliant Holdings I LLC on CreditWatch with negative implications.
The CreditWatch placement follows news that Alliant reached a definitive agreement with Stone Point Capital LLC that will give the private-equity firm a significant stake in the company, making StonePoint the largest institutional shareholder at Alliant, S&P said.
Other terms of the transaction were not disclosed, the agency said.
The current majority owner of Alliant – Kohlberg Kravis Roberts & Co. – will remain a significant shareholder in the business, S&P said.
The CreditWatch placement reflects the limited information regarding the details of the transaction at this time and the resultant uncertainty regarding the transaction’s effect on Alliant’s capital structure, cash flows and credit-protection measures, the agency said.
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