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S&P lifts Kinetek
Standard & Poor's said it raised its corporate credit rating on Kinetek Holdings Corp. to B from B-.
The agency also removed the ratings from CreditWatch, where they were placed with positive implications on Sept. 21, following Nidec Corp.'s announcement of plans to acquire Kinetek Group.
Subsequently, the agency said it withdrew the corporate credit rating on Kinetek at the issuer's request. All of Kinetek's debt was repaid at the transaction's close and, as a result, S&P said it also withdrew the issue-level and recovery ratings on Kinetek's outstanding revolving credit facility and term loans.
The outlook at the time of withdrawal was stable.
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