Moody's rates Kenan notes B3

Moody's Investors Service said it lowered the corporate family rating of Kenan Advantage Group, Inc. to B1 from Ba3, affirmed the probability of default rating of B1 and changed the outlook to negative from stable.

At the same time, Moody's assigned a B3 rating to Kenan's proposed $200 million senior unsecured notes due 2018.

Moody's said the actions are in consideration of increasing leverage that will result from the company's planned use of a substantial portion of the proceeds from the recent notes offering to fund a distribution to its shareholders.

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