S&P: Kerr Group on watch developing

Standard & Poor's said it placed its BB- corporate credit and secured bank loan ratings on Kerr Group Inc. on CreditWatch developing.

S&P said the CreditWatch placement followed senior management's public confirmation of trade press reports that majority owner Fremont Capital Partners is exploring a sale of Kerr Group.

While the identity of a potential buyer was not revealed, management indicated that Kerr could be sold within the next three to six months.

S&P said it would expect that Kerr's existing debt would be refinanced if a material change of control took place and S&P will continue to monitor developments and will resolve the CreditWatch listing as more information is made available.

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