S&P may lift Kinetek

Standard & Poor's said it placed its ratings on Kinetek Holdings Corp., including the B- corporate credit rating, on CreditWatch with positive implications.

The agency said the rating action follows Nidec Corp.'s announcement that it plans to acquire Kinetek Group Inc., the parent entity of Kinetek Holdings Corp. S&P said it expects the transaction to close in November, subject to the receipt of regulatory approvals.

"If the transaction is completed, we will likely withdraw our ratings on Kinetek if the rated debt is repaid as part of the transaction," said S&P credit analyst Carol Hom in a news release.

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