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S&P raises Kanawha
Standard & Poor's said it raised its counterparty credit and financial strength ratings on Kanawha Insurance Co. to BBB+ from BBB and removed them from CreditWatch with positive implications, where they were placed on Aug. 7.
The outlook is stable.
The agency said that the upgrade is based on the company's strategic importance to Humana Inc. (core operating companies rated A-/stable and holding company rated BBB/stable), which acquired Kanawha's parent company, KMG America Corp., on Nov. 30.
S&P added that the total transaction price was about $187.7 million, including $15 million of debt that was repaid at closing and the assumption of about $35 million of debt and is expected to be financed through a combination of cash and debt.
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