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S&P rates Kenan loans BB-
Standard & Poor's said it affirmed Kenan Advantage Group Inc.'s BB- long-term corporate credit rating and assigned a BB- rating to the company's $600 million senior secured credit facility with a 3 recovery rating, indicating expectation of 50% to 70% recovery.
The outlook is stable.
"The ratings on Kenan Advantage reflect the company's aggressive financial profile, acquisitive growth strategy, and its participation in a competitive and fragmented industry with relatively modest returns," S&P analyst Anita Ogbara said in a statement.
"The company's leading market position in short-haul truck fuel delivery, as well as its diverse mix of customers, geographic regions and end markets, partially offset these weaknesses. We characterize the company's business profile as fair, financial profile as aggressive and liquidity as adequate."
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