Moody's affirms Kenan

Moody's Investors Service said it affirmed the ratings of Kenan Advantage Group, Inc., which includes the Ba3 rating on its amended senior secured credit facility, the corporate family rating of Ba3 and the probability of default rating of B1.

The outlook is stable.

According to Moody's, Kenan's credit facility has been amended primarily to increase its size to cover recent and expected future acquisitions. Proceeds from the increased term loan facility will be used to repay borrowings outstanding under the current $125 million delayed draw term loan facility, to cover fees and expenses and to increase the company's cash balance.

The agency said the ratings consider Kenan's leading position as a provider of liquid bulk transportation services and logistics to the fuels, chemical and food markets with nationwide service. The rating also incorporates the relative stability of earnings and cash flow that the company has experienced throughout the economic cycle.

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