Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kenan Advantage Group Inc. > News item |
S&P lowers Kenan Advantage, rates notes B-
Standard & Poor's said it lowered its corporate credit rating on Kenan Advantage Group Inc. to B+ from BB-. The outlook is stable.
At the same time, the agency said it assigned its B- issue-level rating to Kenan Advantage's proposed $200 million senior notes due 2018. The recovery rating is 6, indicating an expectation of negligible recovery in the event of a payment default.
The agency also affirmed its BB- issue-level rating on the company's senior secured credit facility and revised the recovery rating to 2 from 3. The 2 recovery rating indicates an expectation of a substantial recovery of principal in a payment default scenario.
"The downgrade reflects increased debt leverage resulting from Kenan Advantage's proposed $200 million senior note issue, which will be used to fund a dividend to its financial sponsor," said S&P credit analyst Anita Ogbara in a news release.
© 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.