S&P: Kinetek on developing watch

Standard & Poor's said it placed its ratings on Kinetek Inc. and related entity Kinetek Industries Inc., including its B- corporate credit ratings, on CreditWatch with developing implications.

The agency said that the CreditWatch listing reflects the likelihood that the ratings could change in the near term as the company's debt maturity dates approach, noting that the company has indicated that it is contemplating various avenues of redeeming or refinancing its debt.

S&P said it believes that execution and timing risks are becoming significant, considering that the company's $270 million senior notes mature on Nov. 15, 2006 and its revolver expires 30 days prior to the maturity of these notes.

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