Moody's rates Kenan loan Ba3, notes B3

Moody's Investors Service said it affirmed the B1 corporate family rating for Kenan Advantage Group, Inc. and maintained its negative outlook, following Kenan's acquisition of RTL-Westcan Group.

At the same time, the agency affirmed the Ba3 rating for the amended senior secured credit facility, assigned a Ba3 rating to a C$100 million term loan and assigned a B3 rating to the company's proposed $150 million senior unsecured notes due 2018.

Moody's said the actions consider Kenan's leading position in the market for liquid bulk transportation as well as the elevated debt levels as a result of Kenan's acquisitive growth strategy and past shareholder distribution.

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