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S&P ups Kinetek loans
Standard & Poor's said it affirmed the CCC+ corporate credit rating on Kinetek Holdings Corp. and revised the outlook to stable from negative.
S&P upgraded the issue-level rating on Kinetek's $220 million first-lien senior secured term loan due 2013 to B- from D. The recovery rating remains unchanged at 2.
S&P also upgraded the issue-level rating on Kinetek's $95 million second-lien term loan due 2014 to CCC from D. The recovery rating remains unchanged at 5.
The affirmation and upgrades reflect the view that, amid improving operating and financial performance trends, the potential of continued repurchase of debt below par levels is becoming less likely, the agency said.
The ratings on Kinetek reflect the company's highly leveraged financial risk profile and its weak liquidity position, the agency added.
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