Moody’s downgrades Kenan

Moody’s Investors Service said it downgraded the ratings Kenan Advantage Group, Inc., including the corporate family rating to Caa1 from B3, the probability of default rating to Caa1-PD from B3-PD, the senior secured rating to B3 from B2 and the senior unsecured rating to Caa3 from Caa2. All ratings are on review for further downgrade.

The transportation sector is among the sectors being hurt by the coronavirus outbreak, the drop in fuel prices and lower industrial and general demand, Moody’s noted.

“The rating downgrades reflect Moody’s expectation of deteriorating conditions in the company’s end-markets and more broadly in the macroeconomic environment, and weak liquidity,” the agency said in a press release.

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