S&P revises Kenan view to developing

S&P said it revised Kenan Advantage Group Inc.’s outlook to developing from negative.

“The developing outlook reflects the probability that we could lower or raise the rating, depending on whether Kenan successfully refinances its July 2022 debt maturities and maintains generally consistent operating performance,” S&P said in a press release.

Concurrently, the agency affirmed the B- issue-level rating on Kenan's senior secured revolving credit facility and first-lien term loan. The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 80%) recovery in default. S&P also affirmed the CCC- issue-level rating on Kenan’s senior unsecured notes. The recovery rating remains 6.

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