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S&P upgrades Kinetek
Standard & Poor's said it raised the corporate credit rating on Kinetek Holdings Corp. to B- from CCC+.
The outlook is stable.
The upgrade reflects the company's improved operating and financial performance and its stabilized liquidity position, S&P said.
The company's EBITDA has been improving slowly, the agency said.
This should allow Kinetek to maintain its credit measures, S&P said.
However, Kinetek's financial profile remains highly leveraged, the agency said, and a substantial portion of the company's excess cash reserves comes from its partially drawn revolver, which matures in less than 12 months.
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