S&P upgrades Kemet

S&P said it raised the corporate credit rating on Kemet Corp. to B+ from B.

The outlook is stable.

The agency also said it raised the ratings on the company's first-lien credit facilities to B+ from B. The recovery rating remains at 3, indicating 50% to 70% expected default recovery.

The upgrades are based on Kemet's significant progress reducing leverage and strong operating performance following its acquisition of Tokin in April 2017, S&P said.

Kemet has significantly de-levered over the past three quarters with adjusted leverage of 2.8x for the quarter that ended Dec. 31, 2017 compared to leverage of 4.7x at the end of the prior fiscal year and the previous forecast of leverage remaining at more than 3x through the current year, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.