Moody's lowers Kinetek

Moody's Investors Service said it has lowered the corporate family rating of Kinetek, Inc. to Caa1 from B2.

In addition, the agency said that the ratings on the first-lien credit facility were lowered to B3 from B1 and the rating on the second-lien term loan was lowered to Caa2 from Caa1.

The outlook remains negative.

According to the agency, the ratings downgrade reflects Kinetek's reduced earnings base and increasing leverage resulting from the precipitous drop in demand across the company's key end-markets.

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